Reserves of materials for large companies, whose shares are listed on the active exchange market, are calculated and recorded into Expenses according to the IAS no. 2 - Reserves and those referring to small- and middle-sized companies according to the CFRS no. 10 – Reserves. The author of the text analyses the issue of recording purchased reserves, value adjustment of reserves and the methods of calculation of expenses for reserves.
The procedure with interests in case of investments has been changed according to the altered IAS no. 23 which defines the accounting procedure with loaning expenses. The goal of this standard has significantly been changed and requires an obligatory capitalization of loaning expenses, which can directly be credited to acquisition, construction or production of qualified means. On the other hand, the recognition of loaning expenses which can directly be credited to acquisition, construction or production of qualified means can be recorded as Expenses of the Period they refer to according to the IFRS no. 16.
A transfer entry does not represent the compensation for delivered goods or provided services and therefore does not subject to VAT payment. However, there are frequent questions what a transfer entry is. This article explains on the examples from practice what transfer entries are and how they are to be entered in tax and accounting records.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The loss above the value of capital represents just a part of the total loss of a company, which due to the balancing of the balance sheet is recorded as company's assets in the companies applying the Croatian Financial Reporting Standards. The article presents the procedures of recording and balance sheet entry of the loss above the value of capital.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
The contract on revolving credit requires the corresponding way of its use and repayment if it can be repaid during the period of its use. Due to the fact that in some cases of purchase of long term non-financial assets the VAT cannot be recognized to the full amount, it becomes a constituent part of the expenses for purchase and the purchase value of such assets. The article presents the examples of recording business events in budgetary accounting referring to the use of the revolving credit for purchase of long term assets.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Non-profit organizations can make fixed-term deposits of their free cash assets with the bank or other financial institutions where they have their giro accounts for regular business operations. The article presents the examples of recording business events in accounting of non-profit organizations which occur in case of fixed-term deposits with banks.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The right to maternity and parent leave and maternity and parent subsidies to parents and foster parents are regulated by the Act on Maternity and Parent Subsidies, which became effective on 1 January 2009. This Act comprises all the regulations which until then determined the rights to maternity leave depending on their insurance. The way of determination of the compensation during maternity and parent leave is still defined in the Act on Obligatory Health Insurance. The author of the article presents the application of the regulations on the employees' rights during maternity and parent leave and the right to payment of compensation.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The companies providing accounting services, which have a large number of clients, should be able to give advice to the clients who have received non-refundable funds or signed contracts on provision of services. Such an advice should cover accounting and other rules imposed by a specific contract. Besides, the accountants within the institutions and companies, which have received non-refundable funds or are service providers, should have specific knowledge in order to record the beneficiary in view of accounting and finances. This article presents the ways in which accountants and auditors can be engaged in the realization of projects and the basic rules referring to the contract on provision of services and the contract on non-refundable funds.
Referring to the European legislation the European Commission makes suggestions how to improve the Directive on prevention of overdue payments. The article also comprises the following issues: trading with stocks of innovative companies, presentation of research and innovations, review of the Directive on working time and the use of the European regional funds.
Autori: Slavica CVITANIĆ, dipl. oec. Tatjana GRBAC, dipl. iur.
Company's overindebtedness and insolvency are often caused by the inappropriate structure of assets and sources of financing in the balance sheet. This article analyses the goals and measures of restructuring and recovery of assets.
In today's business world the main goal of each company is to maximize the value for its investors. Due to the fact that business operations are complex and uncertain, upon determination of such a goal as the primary goal of operations it is presumed that the company will succeed in maximizing its value only if it in the long run ensures customers' satisfaction, reliability of products, satisfactory relationship with suppliers and loaners and all other activities expected from the employees, the local community and the state. The establishment of the system of monitoring business results will result in creation of awareness of the need to create values within the company and the possibilities of managing the company in order to maximize its value.
The Government of the Republic of Croatia has made a Decision on measures to be taken for recovery and development of economy. These measures comprise active participating of the State in financing of economic entities through the Model A and Model B. The goal of the above stated measures is to keep the existing working posts and creation of the new ones, to improve the level of liquidity and competitivenes of economic entities and to initiate investments in order to create the pre-conditions for sustainable economic growth.
In the Republic of Croatia there are more than 300 registered farms which provide catering services. This number is constantly rising due to many initiative measures by the State aimed at investments in such facilities, which has a positive effect on faster development of rural tourism. Besides the conditions a citizen has to fulfil in order to obtain the licence to run a farm which provides catering services, including the registration in the Farm Register, tax liabilities should also be taken into account. The article presents legal conditions to be fulfilled for provision of catering services on the farm and tax liabilities.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
Each act amendment requires certain adjustments of tax bodies and tax payers. All the taxation procedures have today become faster and are becoming computer-assisted. The introduction of IT-support will certainly be justified in the long run. The amendments of the General Tax Act have in the recent years resulted in some quality changes. The article deals with the amendments of the above stated Act which comprise some new rights of tax payers.
Credit businesses are to be reported to the Croatian National Bank. However, there are some exceptions to such regulations. Under some circumstances it is not necessary to report credit businesses abroad and under some circumstances it is not obligatory to inform on credit businesses. Besides, the term credit business abroad is much wider than the same term used in the Act on Obligatory Relations. The author of this article writes about the obligations of reporting and informing on credit businesses abroad with a specific emphasis on non-financing investments present in the form of the CNB.
Since 1 January 2010 the specifics of purchase and use of cars and other means of transportation have comprised physical self-employed persons as well. Accordingly, vehicles can only be used for performing business activities. The transportation of the owner or employees based on the use of vehicles for private purposes can be calculated as a salary in kind. Depending on the purpose of use of vehicles the tax position of recording their purchase and the accompanying expenses is different.
In order to further comply the Croatian legislation with the EU legislation (Directives) several acts were amended and a number of new acts and regulations were passed in 2009 and in the first quarter of this year. They comprise the fields of agriculture, commerce, quality and marking of food, consumer protection and tariffs, which directly or indirectly affect the ways and conditions under which farms can sell their products. The author of the article presents the news referring to the obligations of farms, especially family farms, which have to be considered upon selling farm products on the market.
Provision of catering services on family farms represents a relatively new offer to tourists, comprising a wide range of services such as accommodation in rooms and appartments, camping on the farm, nutrition, etc. Due to the fact that the prevention activities of the State Inspectorate have not yet been regulated, the goal of this article is to inform the entities of potential supervision with all the regulations that will be applied upon inspection and the conditions for provision of catering services on family farms.
The article Payment of Accommodation Fee in 2009 according to New Act on Accommodation Fee was published in the RRiF Magazine 6/09 (pp.147), in which the issue of accommodation fee was presented in more details. This article provides a review of the new regulations referring to the changes of calculation and collection of accommodation fee in 2010.
Labour rulebook is an autonomous, one-sided and general legal document prepared by the employer according to the provisions of the Art. 125, 126 and others of the Labour Act. In the employment status as a contractual relationship one party is not likely to intervene one-sidedly in such a legal relationship. However, this is accepted to a certain extent as a fulfillment of legal incompleteness, which is applied in other countries too. The article presents an example of the legal determination of labour relations in the company's labour rulebook.
The article presents three cases of decisions of the Supreme Court of the Republic of Croatia made in view of solving concrete audit cases. The last one refers to the decision accepted at the meeting of the Department for Citizens' Issues at the Supreme Court of the Republic of Croatia. In view of the new Labour Act the article presents the above stated decisions of the Supreme Court.
The right to retention represents the creditor's right to retain the debtor's object, which is temporarily possessed by the creditor, until the payment of his/her receivables. In case of non-payment the creditor can collect the receivables from the value of the retained object. This is a legal means of protection of creditors aimed at collection of cash receivables. The author of the article analyses the general rules referring to the right to retention, the ways and conditions of exercising such a right and presents some concrete examples.
The article deals with the responsibility of the members of management and supervisory boards for damages caused to a share holding company and its creditors. The responsibility of executive directors is also discussed, although they do not represent an organ. However, due to the fact that they play an important role in the companies with a monoistic structure of organs and are similar to the members of management board in the companies with a dualistic structure of organs, it is necessary to analyse their responsibility in order to have a complete review. The article deals with these issues in two parts.
The Act on State Budget of the Republic of Croatia determines the right to refund of the value added tax paid on purchase of the equipment for technological and research projects, science and research projects and the equipment used for provision of fire fighting services. The article presents the way of exercising rights to VAT refund.
A frame agreement has a legal characteristic of an agreement between parties, between economic entities and their clients. It determines the conditions under which an economic entity (or more of them), who represents a party in such an agreement, signs specific agreements on public purchase in the moment when the need for a concrete object arises, which is comprised by such an agreement, especially in view of prices and quantities. It is possible for the frame agreement not to be realized, which means that the agreement on public purchase based on the frame agreement is not signed. The article contains comments on the Act on Public Purchase and presents the preparation of the frame agreement within the system of public purchase.
The Act on Salaries in Local and Regional Governments determines the limitations of the total funds for salaries and the amount of salaries for employees in the units which in the previous year received aid from the State Budget as final beneficiaries. The article gives comments on the salary limitations of budget beneficiaries and the procedure of decision-making on salary bases, co-efficients for calculation of salaries, etc.
Bruto domaći proizvod u 2009. realno je manji za 5,8% u odnosu na 2008.
Inflacija u ožujku ove godine iznosi 0,9%, stopa nezaposlenosti u ožujku iznosi 18,4%, neto-plaće u veljači ove godine manje su za 1,4% nego u istom mjesecu prošle godine i iznose 5.157 kn.
Industrijska proizvodnja u prva tri mjeseca manja je za 0,5%.
Indeksi cijena industrijskih proizvoda pri proizvođačima
