The author of the article presents recording of financial assets at disposal for sales in accounting according to the requirements of the CFRS no. 9 and the IAS no. 39. The article also explains the presentation of the changed fair value of such assets in the report on the total profit, which is required by the changed IAS no. 1. Due to the fact that the requirements of the accounting standards in this part are rather incomprehensive and complicated, the author has on numerous examples shown the effects of the changes of fair value of such assets, including the losses resulting from their decreased value.
The article from the German business practice, written by the most famous German author in the field of balancing, presents the consolidation upon observing the elimination of profits resulting from the mutual transaction through various periods (profits within the group), which can be determined when such a report is drawn-up for the group of entities under control of a parent company. This article presents the German balancing practice in which the consolidated elimination was made in the field of profits, not through income and expenses.
A company can grant a loan to a company member with or without contracted interests. Equally, a company member can grant a loan to a company. In practice the loans granted between company members and a company are quite often, so there are a number of questions if this is possible to realize, in what way and if it is necessary to contract interests or the loan can be non-interest bearing. The replies to such questions are given in this article.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The practice of overinvoicing of costs by one company to another is rather common in Croatia. There are often cases when companies receive an invoice for the service which was not completely or at all provided. However, in some cases a company overinvoices a part or the total costs as compensation for rendered services instead of the actually provided service. The procedure in accounting depends on whether it is the case of a clear division of expenses or whether a company rendered a particular service to another company, so the costs that such a company had refer to the costs which arose in the process of rendering its services to another company.
In utility companies buyers have to buy certain assets from the utility company and transfer them to the same utility company as the condition for delivery of goods and services by this company. In such a case it is presumed that the company charges such delivery of goods and services according to the usual conditions on the market. Such receipts in utility companies have so far been recorded similar to state subsidies, i.e. as deferred income that was recorded as the income of the period in which it could be connected with the costs of utilization of such assets. The article deals with the news published by the IFRIC referring to the no. 18 – Transfer of Assets from Buyer.
Sometimes the organizations which apply non-profit accounting have to record their business events within the framework of the determined accounting plan, which should be adapted to non-entrepreneural activities due to the purpose of work of non-profit organizations. Accordingly, recordings should be adapted to the essence of business events. One of such adaptations refers to recording of production.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The Act on Amendments of the Act on Income Tax, which became effective on 1 July 2010, introduced essential changes of insurance premiums in view of taxation and expenses, especially regarding the insurance premiums paid by the employer for his/her employees. The insurance premiums paid by the employer for life insurance, supplementary, additional and private health insurance, voluntary pension insurance (above the amount of 500.00 HRK only) are still considered as a salary but not as a tax relief any more. The contribution for voluntary pension insurance, paid by the employer up to the amount of 500.00 HRK a month with the employee's consent, is recognized as expenses of the employer in view of taxation, but not the employee's salary. These provisions have been applied since 1 July 2010. Accordingly, tax releives based on the paid insurance premiums will be recognized until 30 June 2010 and from 1 July 2010 the provisions of the amended Act, which change their position in view of taxation and expenses, are to be applied. The article provides instructions how to deal with insurance premiums in the second half of the year.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The employer is obliged to deliver to the employee a salary calculation i.e. compensation which show the way of determining the amount to be paid. Such calculations are to be presented in the OP Form, which was described in detail in the RRiF no. 8/10. Due to the fact that presentation of data in calculation of salaries and salary compensations in the OP Form raises a number of questions this article provides replies to the most common ones.
After 1 July 2010 a special tax is not paid on the salaries, pensions, other income, payments of share in profit and dividends to the amounts which do not exceed 6,000.00 HRK monthly per specific receipt due to the fact that the liability of paying such a tax of 2% has been cancelled. Until 30 October 2010 a special tax of 4% is to be paid on all the above stated receipts which exceed the amount of 6,000.00 HRK per payment. However, a special tax on receipts by free professions and other receipts whose base amounts to 3,000.00 to 6,000.00 HRK a month is paid at the rate of 2% until the end of August and from 1 September until 31 December a special tax of 4% is to be paid on the bases i.e. receipts exceeding the amount of 6,000.00 HRK. Due to the reduced period in which a special tax had to be paid it was necessary to provide the instructions how to act at the end of such a liability, especially considering determination of the annual special tax liability in free professions, which determine a special tax base according to the realized annual income.
The amendments to the Act on Amendments to the Value Added Tax Act, which became effective on 1 January 2010, resulted in compliance with the acquis communitaire of the European Union in the field of VAT taxation. The most relevant amendments refer to the deliveries which are VAT exempted but without the right to pre-tax deduction. The Article 11. of the Value Added Tax Act was changed and the new Article 11a was amended due to the fact that it was necessary to divide the deliveries of goods and services into those of public interest and other exemptions. The article analyses deliveries of goods and services in the fields of education and health.
Autori: Renata Kalčić, dipl. oec. Ana PAVLETIĆ, dipl. oec.
Forensic audit is aimed at revealing frauds. Principally, forensic auditors are hired after a doubt arose that a certain fraud had been made and forensic auditors have to reveal the possible fraud. The procedure of forensic audit is not determined by audit standards. Therefore, forensic auditors have to lean on their expertise, experience and intuition upon revealing frauds. To them it is not relevant whether the fraud substantially affects a fair presentation of financial reports but only if a fraud exists or not, regardless of its relevance.
The companies which are according to the data presented in their financial reports for the previous year obliged to have an audit in 2010 have to select an audit company, i.e. the auditor to audit their financial reports for the year of 2010 until the end of September. The obligation of audit is, this year too, determined according to the legal form of the company, the amount of income presented in the profit and loss account for the previous year (2009) and the company's activities. A share-holding company is obliged to have an audit, whereas a limited liability company and a limited partnership only if their annual income in the prevous year exceeded the amount of 30 m HRK.
The article presents the conclusions referring to the IAS no. 17 – Rentals in order to summarize the complete changes in recording of rentals in accounting, which was published in the previous issues of this magazine.
There are three parts of the project documentation which have to be prepared upon application for the projects financed by the non-refundable assets within the IPA Program and other programs of the EU Funds. The first and the basic form is the logical matrix of the project, which briefly explains and proves the project logic. The second document is the form of project application, which explains the idea of the project in details including a short concept of the project and the basic data on the applicant and the partners in the project, if any. The third document is the calculation of the project, which shows the financial construction of expenses and the source of financial assets. The complete project application should not have less than 80 pages and is to be written exclusively in the English language. The European Commission determines the contents of forms according to the international methodolgy of the project cyclus, which is the topic of this article and the articles to be published in the following issues of the RRiF Magazine. This is the first article which explains drawing-up of the logical matrix, the next one will explain the project application and the third one will include the calculation of the project.
The article presents the suggestions made by the European Commission referring to the changed EU Directive regarding VAT return and other taxes. The article also includes the following: Tax on Banks in Hungary, Controversial Ideas of European Tax, Lame Information on Legislation, Better Protection of Consumers, Directive on Seasonal Workers, etc.
The payment system in Croatia goes through a number of changes, which can be divided into three dimensions: functional, structural and system-related. Payment services and invoices are changed and supplemented. The changes also affect the authorized agencies for payment transactions and the payment system itself. The above stated changes are defined by the third Croatian Act on Payment System, which becomes effective on 1 January 2011 and which replaces the Act on Domestic Payment System and the Act on Foreign Currency Business Operations. However, the Directive on Amendments to the Act on Foreign Currency Operations from 31.12.2009 already liberalized capital flow, which actually means that the Croatian residents can participate on the global financial market by trading with foreign currency and derivatives, which was not possible until then. According to the new Act on Payment System the difference between payments in the country and payments abroad disappears and the accounting analysis and the financial discipline, i.e. securities of payment are not a part of the payment system any more. The transactions according to the paper documents and settlement of financial instruments do not represent a payment system any more. This also refers to the transactions based on distraint decisions and similar documents, as well as the records of blocked accounts. These Europe- and market-oriented changes, including the obligation of compliance of the Croatian legislation to the EU, bring a market regulation of services, instituions and systems with the intention that business entities manage their liquidity by themselves. The changes in payment system will increase the number of providers of payment services and the competition on the domestic oligopolic bank market, since they remove the obstacles which protect the domestic market and extend the number of institutions authorized for performing payment transactions.
The Act on Distraint Procedure of Financial Assets was published in July 2010 and most of its provisions become effective on 1 January 2011. The new Act is aimed at speeding up the distraint process on financial assets and raising it quality. The article deals with the above stated Act in more details.
The article deals with the intelligent capital, which represents inventiveness in utilization of tangible and intangible elements of business operations aimed at achieving permanent efficacy of operations i.e. intelligent efficiency. The authors of the article present the way of determining the business IQ and efficacy resulting from it as intelligent efficiency.
Autori: Dr. sc. Dragoljub AMIDŽIĆ Dr. sc. Pavlo RUŽIĆ
People's curiosity about business operations of the largest retail chain stores is larger if they visit them daily or weekly. All their visitors are more or less interested in their business situation. This article tries to reveal the secret information which are not published such as the data referring to the margin which defines the sales price, the financial stability and other interesting information affecting buyers and suppliers. The data presented in this article are stated in the annual financial reports for 2009.
Autor: Dr. sc. Vlado BRKANIĆ, ovl. rač. i ovl. rev.
Izborom iz svakodnevnih pitanja upućenih RRiF-ovim savjetnicima čitateljstvu pružamo mogućnost upoznavanja s tuđom praksom, čime će proširiti svoje spoznaje u rješavanje sve složenijih svakodnevnih problema u računovodstvu, porezu i financijama.
RAČUNOVODSTVO 1. Primitak imovine od kupca 2. Raspodjela nenovčane imovine vlasnicima 3. Kapitalizacija troškova kamata 4. Uključivanje troškova vlastitog prijevoza u nabavnu vrijednost robe
POREZ NA DODANU VRIJEDNOST 1. Obračun PDV-a pri ugovorenoj valutnoj klauzuli
PDV - INO PODUZETNICI
PRAVO TRGOVAČKIH DRUŠTAVA Pravo na isplatu dividende – dobitka može zastarjeti
POREZ NA DOHODAK Isplata dohodaka deviznim nerezidentima na račun
The possibility for physical persons to perform activities as secondary occupation or home industry was introduced in the taxation system few years ago. One of the basic conditions for performing such activities is that they should be carried out in person and that the physical person is not a VAT payer. The article provides a complete review of the conditions for performing the above stated activities, the list of possible occupations and tax liabilities and liabilities regarding payment of obligatory contributions.
Autori: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač. Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The Act on Customers' Protection determines the basic and common rights of consumers upon puchasing products and services, including other ways of acquisition of products and services on the market. Although consumers' rights and salesmen's obligations are determined by the provisions of the above stated Act, there are often cases when salesmen do not respect the determined obligations, especially those referring to price labeling, fulfilment of contract provisions and dealing with justifiable customers' complaints referring to material product flaws or defects within the guarantee period. The article provides replies to the questions made by consumers and salesmen to the inspectors of the State Inspectorate.
A contract on real estate sales is a legal business in which the seller is obliged to transfer the ownership of real estate to the buyer and the buyer is obliged to pay the price. The purpose of this article is to present the form and basic contents of such a contract in order to record the transfer of ownership to the buyer in the land register.
Although the members of a limited liability company are not so much connected as those in a partnership, a member cannot step down from the company whenever he/she will, neither can the company exclude the member at any time and under any condition. The Companies Act determines two ways of stepping down and excluding members from a limited liability company – according to the Contract of Incorporation and according to the constituent claim at the competent commercial court if there is a specifically justifiable reason determined in the Companies Act. The article thoroughly analyses the conditions, procedures and consequences of stepping down or exclusion from a limited liability company in both ways.
Nedavnim izmjenama i dopunama Zakona o sudskom registru postrožen je upis osnivanja trgovačkog društva, pri čemu članovi društva moraju dati izjavu o tome imaju li nepodmirenih obveza za poreze i doprinose te moraju dati i druge podatke radi upisa u sudski registar. Imatelji udjela većeg od 5% u temeljnom kapitalu morat će do kraja listopada 2010. dati osobne podatke sudskom registru radi evidencije. O tim i drugim novostima pročitajte u ovom članku.
1. Pregled uređenja registra
2. Novosti koje donose izmjene i dopune zakona iz 2010.
This workshop deals with recording the purchase of long-term assets when the liability for payment is recognized at the same time as the buyer of the same value. In such business events long-term assets should be debited at the full value, whereas crediting can refer to various contracts, on which the way of its utilization depends.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Ministarstvo gospodarstva, rada i poduzetništva, na temelju čl. V. Odluke o namjeri sudjelovanja u osnivanju Fondova za gospodarsku suradnju donesene na sjednici Vlade RH (Nar. nov., br. 8/10., dalje: Odluka), usvojilo je Pravilnik o uvjetima i postupku sudjelovanja Vlade Republike Hrvatske u osnivanju fondova za gospodarsku suradnju (dalje: Pravilnik) koji je objavljen u Nar. nov., br. 21/10. U Pravilniku su dani uvjeti osnivanja fondova, organizacija rada fondova, način odlučivanja i donošenje odluka povjereničkog odbora, postupak provođenja ulaganja Vlade RH u fondove, a i druga pitanja neposredno vezana za provođenje Odluke. No ulaganje rizičnog kapitala od strane fondova u pojedine poduzetnike, ako je jedan od ulagača država, uglavnom je vezano za postojanje državne potpore koja mora biti u skladu sa Zakonom o državnim potporama (Nar. nov., br. 140/05.) odnosno pravilima o dodjeli državne potpore u obliku rizičnog kapitala. U nastavku članka dani su osnovni uvjeti ulaganja rizičnog kapitala u poduzetnike kada takvo ulaganje predstavlja državnu potporu.
1. Pristup
2. Test ravnoteže pri ocjeni ulaganja rizičnog kapitala
U jednoj anketi provedenoj u nas, među najbitnije se obilježje kao pretpostavka uspješnog poslovnog pregovaranja svrstala kompetencija pregovarača. No ako se toj kvaliteti doda i lijepo ophođenje, učinak je na ugled tvrtke, ali i na pregovarača pozitivan. Kako sve to postići? Savjeti koje prenosimo iz Njemačke poslovne prakse, odnosno iz pravila poslovnog ponašanja primjerenih u kontinentalnoj Europi, mogu zasigurno pomoći u ostvarenju tog cilja. I ne samo to, ti su savjeti najviše potrebni i nama samima kako bismo se dobro osjećali u okružju poslovnih ljudi.
