Trgovačka društva (mala, srednja i velika) nakon predaje statističkih izvješća i poreznih prijava imaju obvezu još i javno objaviti svoja financijska izvješća, ako to već nisu obavili zajedno sa statističkim izvješćima. Rok javne objave financijskih izvješća je najkasnije do 30. lipnja.
1. Zakonska obveza javne objave 2. Financijska izvješća malih poduzetnika za javnu objavu 3. Financijska izvješća srednjih poduzetnika za javnu objavu 4. Financijska izvješća velikih poduzetnika i konsolidirana izvješća za javnu objavu 5. Tko nema obvezu javne objave financijskih izvješća
The companies engaged in production activities have the stocks of packaging which is divided into the inseparable packaging (a constituent part of the product) and the separable returnable packaging. The inseparable packaging represents the direct cost of production and is recorded on the account of the stocks of materials. The separable returnable packaging can be separated from the product and is used for a number of times. Accordingly, it is recognized as expenditure by the application of the calculative or one-term write-off. The other company’s returnable packaging is separately entered in the off-balance records. The stocks of car tyres and the car tyres in use are recorded by the companies which purchase them for the needs of their vehicle fleet and fit them into their vehicles.
Leasing represents one of the most significant financial instruments and is mostly used for automobiles, vessels and business premises. Leasing is a specific type of a business deal, which can, according to the provisions stated in the contract, have the characteristics of an ordinary leasing (operating leasing) or sales (financial leasing). The article explains the financial leasing, its characteristics and the way it should be recorded in book-keeping, including the tax position of the financial leasing by the lessee and lessor.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
Growing of olives and production of olives represents an agricultural activity in terms of accounting. In the Croatia’s business environment such a type of investment is quite frequent due to the tradition of olive growing and high prices of olives and olive oil. The author of the article analyzes the accounting of growing of olives, production of olives and olive oil according to the requirements of the CFRS 17, the IAS 41 and the CFRS 10 and the IAS 2.
The companies obliged to consolidate their financial reports are the parent companies within the group. The consolidation of the financial reports is carried out according to the CFRS 2 – Consolidated Financial Reports for the small and medium-sized companies and the IAS 27 – Consolidated and Separate Financial Reports, IFRS 3 – Business Combinations for the large companies i.e. the companies whose shares are listed on the organized stock market or are to be listed. The consolidation of the financial reports is prepared according to the volume of the financial reports determined for large companies. The consolidated financial reports for the previous year are submitted to the FINA for publishing until 30 September of the current year.
The article presents the recent ideas and preliminary discussions regarding the need to harmonize the external and internal reporting according to the segments of operations. The principle of cohesion is specifically emphasized – the connection of the items of the specific financial reports and the principle of diversification of the information into the activities according to their functions and natural types. The important characteristic of the new requirements is the provision of the realistic and complete estimate of the value, the dynamics and uncertainty of the cash flow, the estimate of the liquidity and the financial flexibility of a business entity.
The accounting of the stocks in production can be organized in two ways, either by using the continuous i.e. perpetual system or the periodical system. Most business entities in Croatia apply the perpetual system regardless of their size. However, according to the IFRS and the Accounting Act the periodical system of the stocks in production represents an acceptable way of accounting, too. It can be used by the large business entities which produce a small number of products of a high value or those which sell large quantities of products of a low value. The advantage of the periodical system is the possibility of providing the direct information on the financial performance without making the calculation of the production, which often requires substantial resources in accounting and material book-keeping.
This workshop of budgetary accounting presents the recording and explanations of foreign currency exchange gains and losses which arise upon the sales i.e. the provision of services and the preparation of the fixed assets of the budget beneficiary with his/her assets and employees. If the service provided to a foreign non-resident is charged in a foreign currency, the foreign currency exchange gains or losses should be recorded as income or expenditure of the accounting period. The foreign currency exchange gains or losses on the positions of receivables and liabilities (unrealized foreign currency exchange gains or losses) are recorded as deferred income or expenditure. The direct obligation of their recording does not exist. The income from sales must not be reduced due to the expenses paid at the same time as the receivables are collected. In other words, the net principle of presentation of the income from operations is not to be used. The accounting regulations do not determine the way of recording the fixed assets personally by the budget beneficiary. Accordingly, the possible solutions of presenting such assets are welcome. Due to the specifics of the budgetary system and budgetary accounting it is suggested to use the part of the account no. 915 – Changes of value and volume of assets without changing the use of the type of expenses arose upon purchase of the materials for ordinary operations.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Institutions of social care, associations, religious communities and other legal persons who perform the activities of social care sometimes sign the contract for lifelong support or the contract for support until death, according to which they support an old person from the date of signing the contract for lifelong support of support until death until the date of the person’s death. In view of the provider or the recipient of the lifelong support or the support until death, there is no difference between the subjects of the contract i.e. the way in which the property acquired according to the signed contract is recorded in the accounting, which is the topic of this non-profit workshop.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
As one of the measures to improve the economic development, the Government of the Republic of Croatia has reduced the contributions for the obligatory health insurance by 2% (from 15% to 13%). Accordingly, the labour costs have decreased. The payment of the contributions for the obligatory health insurance represents the obligation of the employer, who should calculate them on the total amount of the salary paid in one month. Due to the fact that the payment of such contributions is an exclusive obligation of the employer, the reduced rates do not affect the amount of the salary. The above stated rate is to be applied for the years of service after 30 April 2012, which means that the application of the reduced rate begins with the payment of the salaries for May, which is usually made in June.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
In order to speed up the payment of contributions within the set deadlines, the Government of the Republic of Croatia passed the Directive on the Way of Payment of the Contributions according to the Salary, the Receipts with the Salary, i.e. the Monthly Basis for the Calculation of the Contributions according to the Employment Status (Official Gazette no. 49/12). The above stated Directive determines the participants and the way of controlling the payment of contributions. Within a certain period the Tax Administration is obliged to make a list of the employers who have not paid the contributions in the deadlines determined by the Act on Contributions (Official Gazette no. 84/08 to 22/12). The Tax Administration should deliver such reports to the FINA and the FINA is obliged to send them to the commercial banks. The employers on the list of debtors will not be allowed by the bank to pay the salaries until they have paid all the overdue contributions. In order to make the control of the banks easier, the employers are obliged to fill in the box reference no. of debit on the net salary payment orders with the specific figures which inform the bank whether the total amount or the part of the salary are paid, whether the employer is obliged to pay the contributions for the First Pillar of the pension insurance or also for the Second Pillar or whether the employer is not obliged to pay the contributions from the salary due to the fact that he/she employs the people who have been employed for the first time. The article presents the procedures to be made by the employers according to the Directive in the practice.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
When the domestic companies, within their operations with foreign physical persons – non-residents, pay the expenses for accommodation, food and transport, in the case when such a person performs certain activities on behalf of the foreign company or for the needs of the domestic company, a question arises how such a receipt should be recorded in view of the income tax and profit tax. The domestic companies often record such expenses as entertainment costs. However, in some cases they represent a taxable income of the recipient. The author of the article explains the difference between the entertainment costs and the receipts subject to income tax payment, and presents the tax position of such expenses in view of the profit tax and the value added tax.
It is understandable that all the tax payers who regularly settle their tax liabilities are in favour of strengthening the tax discipline. This is the only way to reduce the tax rates, including the other essential measures aimed at the budget expenditure. According to the bill of the amendments to the General Taxation Act the provisions regarding the tax secret are expected to be changed, including the provisions of the Companies’ Act regarding the breakthrough of the limited liability in case of the collection of debts. The article presents the practice in other countries, in order to better understand this very sensitive tax issue in Croatia.
Baviti se poreznim savjetovanjem u današnje vrijeme znači svakodnevno se izlagati nizu novih izazova zbog nevjerojatnog opsega izmjena poreznog zakonodavstva i poplave sudskih odluka s tog područja, deregulatornih nastojanja, povećanih zahtjeva za prognostičkim savjetovanjem, brzih tehnoloških promjena te učinaka demografskog razvoja na pridobivanje podmlatka. U članku se daje prikaz sedam teza razvoja poreznog savjetništva u Njemačkoj koje su raspravljene na saveznoj razini, a o kojima se nastavlja rasprava tijekom 2012.
1. Pristup 2. Samostalnost djelatnosti – temeljno načelo struke poreznog savjetnika 3. Pridržaj prava obavljanja poslova – srž profesionalne djelatnosti 4. Kompatibilne djelatnosti – korist za klijente i porezne savjetnike 5. Konkurencija za najbolje kandidate – porezni savjetnici kao atraktivni poslodavci 6. Usavršavanje, kvaliteta, vođenje kancelarije – faktori uspješnosti 7. Specijalizacije, mreže, suradnje – strateške alternative na tržištu 8. Primjena tehnologije – optimiranje procesa pri savjetovanju
The article presents a short overview of advice in the field of taxes and accounting from the rich experience of the RRiF collected in the previous period. These pieces of advice are published in order to help record business events or to remind on the tax and accounting practices of our readers. They comprise: changed depreciation rates, an increase of the share capital, recording of cession and factoring, VAT calculation for services provided in a foreign country, change of VAT due to uncollected invoices, rental of housing premises, services of transportation of employees to and from work, receipts realized from the sales of shares, investment of real estate in a company, property income tax, re-invested profit, exemption of property from the turnover of a profit-maker and sales below the net price.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The International Auditing Standard 620 deals with the responsibilities of the auditor regarding the work of an individual or an organization for the work done out of the area of accounting or audit, in the case such a work is used in order to help the auditor in collecting the sufficient and corresponding audit evidence. The article describes the procedures which have to be carried out by the auditor upon checking up the work of experts.
The estimate of goodwill represents a specific accounting problem due to the circumstances which may lead to the need to reduce its value. The changes of the IAS 36 made at the beginning of 2012 introduced the possibility for the company to estimate the quality information on the possibility that the fair value of the reporting unit has been decreased below the book value.
The Fiscal Pact, signed at the beginning of March 2012, represents the one of a number of the institutional mechanisms, which could help to solve the crisis in the Eurozone. The causes of the present financial crisis are of the structural nature – i.e. the unequal development of the countries in the Central Europe and the other EU member countries. The fiscal policy is realized separately by each member country. However it should be more co-ordinated on the level of the European Commission. Such ideas have been initiated since the acceptance of the Maastricht criteria.
The article presents the basic information on what the project i.e. the contract on services is, the types of such a contract and where the tenders for the contracts on services are published. It also includes the examples of such projects, the information on the bidding procedure and documents, the parts of the contract on services and the basic rules on the realization of the contract on services.
1. Minimalne plaće na razini EU 2. Parlament za jedinstvenu poreznu osnovicu 3. U Njemačkoj mršavi prihodi od bankarskog poreza 4. Nove mjere Španjolske protiv utaje poreza 5. Italija se nada da neće morati povećati PDV 6. Njemačke države za dodatno pojednostavljenje poreznog zakona 7. Javne nabave od 2016. samo elektroničkim putem 8. U Francuskoj sve manje “samopoduzetnika”
The author of this article presents the methods of selecting discount rates in the practice and evaluations of the investment projects. The article presents the arguments for the method which provides the most reliable information on justifiability of an investment project. It also initiates the discussion on the application of the CAPM market model of determination of the expected rate of return on one’s own sources of financing.
Despite the fact that the foreign currency operations in the Republic of Croatia have almost entirely been liberalized, the recording of the operations with foreign countries are demanding in terms of the time and contents. Such recordings also comprise the supervision of the foreign currency operations in the monitoring books. A monitoring book represents a business record in the field of foreign currency operations, which has been in use for a number of years. It is not submitted to the Croatian National Bank. Regardless of the fact that the way of keeping such a book has been determined, on some occasions it is not clear whether some business events should be presented in it and in which way. This article analyzes some principal regulations regarding the keeping of the monitoring book and provides some solutions to the questions referring to its keeping.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Customs warehouse is any place approved by the Customs Office and under customs supervision, so that goods may be stored in accordance with the prescribed conditions. Customs storage may be approved for domestic and foreign goods. The circumstances of storing, handling and leaving the customs warehouse are determined by the specific provisions of the customs regulations.
The author of the article explains the legal provisions and the way of using the annual holidays in 2012 and provides the concrete answers to the most frequent questions regarding the above stated issues in the practice, such as how to determine the total duration of the annual holiday of an employee, in what case does an employee have the right to the full annual holiday and when just to the part of it, how to use the annual holiday in periods, in what cases and in what ways should an employee get a compensation for the unused annual holiday, in what cases do employees have the right to the holiday bonus, etc.
Due to the fact that a large number of unemployed persons are currently registered at the Croatian Employment Agency, which is caused by the economic crisis, the author points to the rights which an unemployed person has, including the specific rights such a person can exercise depending on the way his/her employment status was terminated. An unemployed person is regarded the person who is completely or partially capable of working, at the age between 15 and 65, who does not have an employment status, who is actively looking for a job and is available for work and who fulfils certain conditions.
The insured persons of the Croatian Institute for Obligatory Health Insurance, whose insurance is based on the employment status, a crafts business or other independent activities have the right to health protection abroad during the following periods: - a business trip abroad up to 30 calendar days, or - a stay in a foreign country due to education, professional training, work on behalf of a legal person or a business unit established abroad or due to some other reasons in case when the stay is longer than 30 days. The use of the health protection abroad is settled from the contributions which are paid on the principle of the unlimited solidarity according to the rates and bases depending on the reasons of a person’s stay abroad. During a business trip the contribution is paid according to the 20% rate on the daily base, which is determined by the lowest base for the payment of contributions (HRK 2,714.60 in 2012) divided by the number of the calendar days in the month in which a person was on a business trip. During the work on behalf of a legal person the contribution is paid on the contracted salary increased by 20% at the rate of 10%. During the stay abroad due to the above stated reasons the contribution is calculated according to the salary, which is in this period paid at the rate of 10%. The way of payment of expenses is determined by the Rulebook on the Conditions and the Ways of Using Health Protection Abroad (Official Gazette no. 50/09 to 41/22) and the Multilateral Agreements on the Social Insurance which the Republic of Croatia signed with the specific countries.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The author of this article presents the recent court practice regarding the ordinary termination of the contract on employment caused by the misbehaviour of an employee, including the possibility of waiver of the notice period, the use of which should be provided to an employee in the case of the ordinary termination of employment.
The modernization of the balance sheet law requires the new tasks to be solved from the supervisory board members. They are responsible for the correctness of the financial reports, which means they have to examine them. The supervisory board members should acquire the knowledge on the accounting standards and preparation and drawing up financial reports. The examination committee of the supervisory board has to have at least one finance expert, especially if the company is listed on the stock exchange. The supervisory board should also know how to examine the auditors, especially the items which they have not included in their report.
Each employee in the public sector has the right to the paid annual holiday in every calendar year. Such a right, which is determined by the provision of the Labour Act as the basic regulation in the field of labour law, can also be regulated by the collective agreement, the labour rulebook and the contract on employment. The employee cannot deny the right to the paid annual holiday due to the fact that such a right is guaranteed by the Constitution of the Republic of Croatia. The right to the annual holiday and the right to the payment of the holiday bonus to the employees in state and public services are determined by the provisions of a number of collective agreements. The article presents the collective agreements which determine the right to the annual holiday and the way in which such a right is obtained, including the right to the payment of the holiday bonus to the employees in the public sector.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Although the new Act on Public Procurement became effective on 1 January 2012, in the Q1 most of the public clients carried out the procedures of public procurement according to the old Act (they made the decisions referring to the beginning of the procedure in 2011), so the first dilemmas regarding the application of the new Act appeared in the practice a little bit later. The article presents the answers to some most frequently asked questions. It analyzes the way of drawing up the bidding documents and points to the changed parts which raised the greatest dilemmas and which the most enquiries refer to, both by the client and the bidder. The article also includes the certificate of no criminal record and the excerpt from the court register as well as the acts of the client when making a complaint regarding the bidding documents.
The Act on Public Procurement, which became effective on 1 January 2012, includes some stricter provisions and regulates the situations in more details which may refer to the possible existence of the confrontation of interests upon signing the contracts on public procurement by the client’s representative. In the previous Act on Public Procurement the percentage of over 20% of ownership of the client’s representative in the economic subject presented the confrontation of interests. The author of the article analyzes the new norms regarding determination of the confrontation of the interests upon signing the contract on public procurement. The article presents a number of examples from the practice, which are due to their specifics relevant for the clients which carry out the procedures and sign the contracts on public procurement.
IPARD is the fifth component of the IPA Programme, for which the Republic of Croatia obtained the funds to the amount of EUR 184.36 for the period 2007-2013 and which is realized through the specific measures. The rulebooks on realization of the specific measures, prepared by the Ministry of Agriculture, determine the investments which are acceptable for financing of such a Programme as well as the conditions to be fulfilled in order to obtain the right to financing. The potential beneficiaries of the IPARD Programme should apply for the competition which is published and carried out by the Agency for Payments in Agriculture, Fisheries and Rural Development. The author of the article presents the basic information on the measures which are carried out within the fifth component (its beneficiaries, acceptable investment sectors and the subsidy amount), including a short overview of the procedure of realization of the subsidies and the plan of publishing the tender for the year of 2012.
1. Pregled makroekonomskih kretanja 2. Cijene 3. Proizvođačke cijene industrije 4. Industrijska proizvodnja 5. Vanjskotrgovinska razmjena 6. Trgovina na malo 7. Turizam 8. Plaće 9. Likvidnost i solventnost 10. Zaposlenost i nezaposlenost