Računovodstvo, revizija i financije

Računovodstvo, revizija i financije


Nejasan pogled u budućnost - uvodnik

rrif - 3.2009, str. 17

Delivery of Annual Financial Reports for 2008

rrif - 3.2009, str. 19
Drawing up and delivery of annual financial reports i.e. external reporting is determined by a number of legal provisions in the Republic of Croatia. Nevertheless, the enterprises are obliged to deliver their annual financial reports and other documentation for the needs of public announcement and statistical records to the Financial Agency only. Thus, the delivery of the annual financial report at one place satisfies the need of public announcement, Court Register, State Bureau of Statistics and partially the needs of the Tax Administration and the Croatian National Bank.The author of the article describes the procedure of drawing up annual financial reports and their delivery to the Financial Agency.

Drawing up of Annual Financial Reports for Statistical Needs

rrif - 3.2009, str. 28
Enterprises are obliged to deliver their annual financial reports for statistical needs to the Financial Agency until 31 March 2009. For the first time they have to draw up a Balance Sheet and a Profit and Loss Account according to the new contents of the Rulebook on Structure and Contents of Annual Financial Reports. The additional data referring mostly to the explanation of the specific items from the balance sheet and the profit and loss account for the statistical needs also have to be delivered to FINA.The article deals with the procedures of filling up additional data and how to connect them with the data stated in the balance sheet and the profit and loss account.

Report on Cash Flow – Direct Method

rrif - 3.2009, str. 42
A report on cash flow provides to the company management, shareholders and other external users information on the activities according to which the company makes and uses cash. Such information is important to users in order to make proper business decisions. The article describes the procedure of drawing-up a report on cash flow using direct method.

Consolidated Financial Reports

rrif - 3.2009, str. 46
The consolidated financial report of a company should contain business results and financial situation of the companies included in consolidation as a unit. It should also include the presentation of development analysis, business results and financial situation of the companies included in consolidation as a unit in accordance with the volume and complexity of their business operations.This article takes the viewpoint that the provisions of the Accounting Act are more important than the requirements of the Standards and therefore the Accounting Act is to be applied. The provisions of the Accounting Act are applied equally to all the enterprises, whereas the requirements of the CFRS and IFRS are essentially different in veiw of consolidation. 

Decreased Value of Revaluated Long Term Tangible Assets

rrif - 3.2009, str. 59
Long term tangible assets comprise: land, buildings, plants and equipment, tools, plant inventory, furniture, means of transportation, long term biological assets, advance payments for long term tangible assets and other long term tangible assets. The author of the article analyses the accounting procedures of decreased value of revaluated long term tangible assets according to the requirements of the accounting standards, taking into consideration the taxation of such transactions.

Determination of Annual Financial Reports for 2008, Distribution of Profit and Loss Coverage

rrif - 3.2009, str. 65
Accountants should keep in mind several important dates regarding requirements for specific reports. In annual financial reports, when they are made public through FINA, two decisions should be enclosed: Decision on Determination of Annual Financial Reports and Decision on Distribution of Profit or Loss Coverage for Financial Year of 2008. If such decisions are enclosed to financial reports, which are to be submitted for statistical records until 31 March 2009, the obligation which is usually due on 30 June or 30 September, has been fulfilled, which means that all the obligations towards FINA have been fulfilled until the first term. Whether a company should act in the above stated way or should they postpone public announcement and what is the point and term of the reports delivered to the Tax Administration until 30 April 2009 are just some of the issues a company management has to face with.

Recording of Production Costs in Auxiliary Profit and Loss Account

rrif - 3.2009, str. 78
The costs of business operations are very important. Most of them are affected by the management decisions. Therefore company managements have in these days been making a great effort in decreasing direct costs, although the financial control and planning should be directed to all kinds of costs and expenditure. A systematic approach is usually applied in business analysis. In view of costs it is necessary to establish a good foundation for consideration and decision making, whereby the corresponding techniques of presentation of costs and results may be helpful.

Accounting and Tax Position of Interests (Part 2)

rrif - 3.2009, str. 82
In RRiF 12/08 the tax position of interests and the position of interests from the viewpoint of income were analysed, which represents only a part of the above stated issues.This article deals with the accounting and tax position of interests from the viewpoint of income tax and profit tax.

Payment of Membership Fees to Tourist Associations for 2009

rrif - 3.2009, str. 90
The new Act on Membership Fees to Tourist Organizations came into effect on 1 January 2009. It has extended the payment liability of membership fees for tourist organizations to the income, i.e. the receipts made by the activities which have so far not been included in this liability.The article presents the way of calculation and payment of membership fees to tourist associations.

Difference of Foreign Currency Clause and Exchange

rrif - 3.2009, str. 95
Workshop of Budgetary Accounting - This article presents the accounting procedures of budgetary organizations referreing to non-realized differences of foreign currency clause upon received advance payments.

Purchase of Assets on Leasing

rrif - 3.2009, str. 97
  •  Workshop of Non-profit Accounting
  • The article presents the accounting procedures of non-profit organizations referring to the purchase of assets on Leasing. 

    Register Entry

    rrif - 3.2009, str. 98
    Non-profit organizations established according to various by-laws should be entered into registers which have been complied to such by-laws (e.g. register of associations, register of foreign associations, register of foundations, etc.) and into the Register too.The important new issue in the system of non-profit organizations from 1 January 2009  is the introduction of the Register of Non-Profit Organizations at the Ministry of Finance.

    Additional Health Insurance and Other News in Health Insurance

    rrif - 3.2009, str. 101
    The new Act on Obligatory Health Insurance came into effect on 1 January 2009.  According to the provisions of the above stated Act the Act on Voluntary Health Insurance has also been amended in the part which regulates the additional health insurance. Due to the fact that the additional health insurance represents a personal insurance of each insured person, the paid premium is according to the Act on Income tax regarded as salary and subjects to payment of contributions, income tax and income surtax. There are no amendments in view of determination of the sick leave compensation but there are news regarding determination of the right to compensation paid by the Croatian Health Insurance Fund.

    Final Draft of Audit Act

    rrif - 3.2009, str. 107
    Final Draft of Audit Act

    International Financial Reporting Standards in Companies without Public Liability

    rrif - 3.2009, str. 121
  • International Financial Reporting Standards in Companies without Public Liability
  • News from European Legislation

    rrif - 3.2009, str. 123
    The European Commission has changed its directives and suggested the measures which will make equal business operations of enterprises in the EU member countries.The article deals with the following topics: the same treatment of invoices in electronic and paper form for taxation needs, cooperation among authorities, sanctions to employers who recruit illegal imigrants, aid to enterprises in crisis, legal statute of a European company, misuse of speedometer, marking of origin of olive oil, reform of mixed investment funds, limitation of salary amounts to bank managers and reduction of working hours.

    Evaluation of Development Projects in Agriculture

    rrif - 3.2009, str. 126
    The Agreement between the Republic of Croatia and the European Union includes financing of development projects too. The European Fund for Directing and Guarantees in Agriculture supports investments in farms aimed at their modernization and reduced production costs, quality improvement of agricultural products, financial aid to young farmers, early retirement, initiating the application of environmental friendly methods of agricultural production, supporting advertising of agricultural products on the market, optimum use of forests and development of alternative economic activities in rural areas.The article deals with development projects in agriculture which compete for financial aid according to the EU pre-access program for candidate states in the field of agriculture and rural development.

    Breakeven Point

    rrif - 3.2009, str. 133
    Breakeven Point

    Evaluation of Risk Factors in Bank Industry

    rrif - 3.2009, str. 138
    The latest developments on the global financial market stress the need of improving business operations of financial institutions especially those which actively participate on the international market. The Basel Committee for Supervision of Banks, which in 2003 defined the text of the Basel II Standard aimed at improvement and supervision of business operations of international banks, has left enough free space to bank managements to improve their business operations and to compete on the market.

    Statistical Reporting of Croatian National Bank on Investments

    rrif - 3.2009, str. 143
    Some parts of the statistical reports made by the Croatian National Bank have been changed. The changes do not only refer to the reporting form but to all the persons who have undergone certain changes on which the CNB reports. This refers to direct and portfolio investments.The changes of the form and contents of the forms of the existing research have been initiated by their adjustment to the international statistical standards referring to drawing up of balance of payments and the situation of the international investments as well as the adjustment to the persons obliged to give a report in order to fulfill the reporting obligation as much as possible.

    New Taxation Procedures(according to New General Tax Act)

    rrif - 3.2009, str. 156
     After eight years the new General Tax Act was passed by the Croatian Parliament on 5 December 2008. The new Act defines more completely the forms of public expenditure and public income, to which its application refers, the legal institute of tax secret, the institute of conducting in good faith, the emergence of tax-debt relaltionship, a tax by-law and the way of delivery of a tax by-law. The Act contains the changed and partially amended  provisions regarding the procedures of tax authorities in case of appointing an ex officio representative,  the way of determining the value of inherited property,  the determination of specific cases which can be regarded as an economic unity for the needs of taxation, a permanent business unit, business records and tax payer records as well as other provisions.The article presents the main legal institutes of the new Act.

    State Subsidies for Research and Development Projects and Education and Professional Training

    rrif - 3.2009, str. 163
    The article deals with the way and possibilities of using state subsidies as tax reliefs for income tax payers and profit tax payers in development and research projects, education and professional training. Tax payers can use such tax releifs in their income tax reports for the year of 2008.

    Change of Salary

    rrif - 3.2009, str. 175
     The crucially changed (worsened) conditions of business operations due to the global financial and economic crisis, which has caused recession in Croatia too, have forced employers to cut their operating costs as much as possible including salaries. Reduced business activities cause cancellation of contracts on employment. The companies which still need their employees try to reduce the salaries, which represents an effort to prevent even higher losses in such difficult business conditions.    The author of the article gives advice how to conduct in the cases referring to the cancellation of the contract on employment.

    Working Hours, Obligatory Rests and Business Trip Expenses in Transportation

    rrif - 3.2009, str. 178
    Due to the compliance of the Croatian legislation to the EU law most provisions of the Act on Working Hours, Obligatory Rests of Mobile Workers and Speedometers in Road Transport,  came into effect on 5 June 2008 (published in Official Gazette no. 60/08), whereas the other provisions will become effective upon acceptance of the Republic of Croatia into the European Union. This Act regulates working hours and obligatory rest of mobile workers and drivers in road transport, duration of driving, drive breaks, duration of breaks for drivers who transport cargo and passengers and speedometers.This article deals with obligatory rests for drivers, business trip expenses and some other specifics referring to calculation of salaries for drivers.

    Reasons for Extraordinary Cancellation of Contract on Employment

    rrif - 3.2009, str. 185
     A court practice can help upon considering a concrete situation that emerged during employment and can be expressed as a severe violation of obligations in employment status due to which the continuation of the employment status is not possible. The article presents a review of concrete decisions made by the Supreme Court of the Republic of Croatia regarding extraordinary cancellation of contract on employment.

    Delivery of Report on Public Procurement for 2008

    rrif - 3.2009, str. 187
    According to the Act on Public Procurement the report on public procurement should be delivered to the competent body for public procurement system until 31 March 2008.The article provides instructions how to draw up such a report and how to fulfil the above stated obligation.

    Establishment of Internal Audit

    rrif - 3.2009, str. 190
    The obligations and ways of establishment of internal audit have been regulated in the public sector including the criteria for establishment of internal audit and the organizations obliged to establish internal audit. The article deals with the ways of establishing internal audit and provides some examples of its establishment.

    Gospodarska kretanja krajem 2008.

    rrif - 3.2009, str. 202
    Hrvatski računovodstveni sustav HSFI, MRS, MSFI i Tumačenja (1)