This article deals with the procedures after determining the annual financial results of companies – profit/loss (aftertaxation). Craftsmen who made a profit are not obliged to apply the procedures obligatory for companies, but can do this. The topics such as what authorities a company management has referring to the use i.e. contribution of the profit, what decisions a company’s assembly can make, what are the tax and accounting consequences of a specific decision, are defined in various regulations and therefore it is sometimes not easy to make a proper decision.
Autor: Dr. sc. Vlado BRKANIĆ, ovl. rač. i ovl. rev.
Entrepreneurs – profit tax payers are obliged to submit the annual financial report for 2007 in the GFI-POD Form to the Financial Agency until 31 March at the latest. The annual financial report is submitted in the »old« GIFI-POD Form in the way regulated in the Act on Register of Annual Financial Reports (Official Gazette no. 47/03) and the Rulebook of Annual Financial Reports (Official Gazette no. 49/03 and41/04). The new Accounting Act came into effect on 1 January 2008 (Official Gazette no. 109/07). It regulates the register of the annual financial reports but the new regulations on the structure and contents of the »new« financial reports, based on the above stated Act, has not yet been made.This article presents detailed instructions for filling inthe GFI-POD Form.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
According to the Companies’ Act all the legal forms of companies are obliged to submit financial reports and consolidated financial reports to the Court Register. Through the Financial Agency all the companies are obliged to submit to the Court Register the following: annual financial reports, statement of account and the auditor’s report if itis regulated by the law or company by-laws. The article deals with the procedure of submitting the above stated reports to the Court Register.
This article presents the main characteristics of consolidation procedures of financial reports in accordance with the ISFR, since it is presumed that the consolidated financial reports will be made only by those companies which apply the ISFR. According to the Companies’ Act there is a new obligationin 2007 that financial reports are to be submitted to the Court Register without delay after these financial reports are determined by the management and the supervisory board or the management board and the general assembly.
At the beginning of the last year the Rulebook on Determination of Value of Investment Fund Assets came into effect and introduced significant news in the approach to this problem, especially referring to the investments into marketable securities. On the other hand, this was necessary due to a very dynamic rise of this activity and the growing interest of the public in more clear and better information in view of the value of investments into funds. The author of this article deals with recording of value changes of the assets into which funds invest the collected money and their reflection on the results of the investment funds.
Entrepreneurs are in their business practice often faced with the problem of recording the things and equipment of a small value which are commonly called a »small inventory« and are not throw away items during the business process. The companies, in which small inventory requires substantial expenses make records of stocks of small inventory and its use. On the other hand, small ercompanies in which small inventory does not require substantial expenses use it immediately after purchase and record its use only.
Od 1. siječnja 2008. na snazi je novi Zakon o računovodstvu (Nar. nov., br. 109/07. – dalje: ZoR). Bitni instrumenti za njegovu primjenu se donose upravo ovih dana. Riječ je o propisanom obliku financijskih izvještaja i o Hrvatskim standardima financijskog izvještavanja. Paradoksalna je prijelazna odredba čl. 35. ZoR-a da Vlada i ministar financija donose te propise u roku dva mjeseca poslije stupanja na snagu, umjesto toliko prije početka primjene. To donosi dodatne probleme, usklađenja postojećeg računovodstva s novim određenjima koji će se još dugo osjećati.
Što donosi odluka o strukturi financijskih izvještaja
Financijski izvještaji – opseg sastavljanja
Primjena HSFI-a
Umjesto zaključka
Autor: Dr. sc. Vlado BRKANIĆ, ovl. rač. i ovl. rev.
An entrepreneur’s salary is an income from non-independent labour which is paid to craftsmen, free lancers, persons engaged in independent activities such as agriculture and forestry as well as other physical persons who are in principle income tax payers according to their own wish or who by the law pay profit tax instead of income tax. The salary is always a basis of obligatory insurance, whether it is an entrepreneur’s or employee’s salary. The article deals with the calculation procedure of the entrepreneur’s salary with the emphasis on taxation.
An anniversary award is the payment of award to an employee on a one-time basis due to uninterrupted work for one or more employers depending on the regulations of the collective agreement, labour relations by-laws and alike. According to the tax regulations the employer may pay the non taxable anniversary award (under certain conditions) to the employees. If the conditions according to which the above stated award may be paid non taxable, are not fulfilled, the paid amount represents the income from non-independent labour. This article points out what the employer should consider upon payment of the anniversary award.
Seamen represent a specific category of insurees and tax payers. Besides the regulations from obligatory health and old-age pension insurances as well as the regulations referring to the income taxation, which are applied to all the insurees and tax payers in the Republic of Croatia, seamen subject to the Seamen Code (Official Gazette 181/04) and the enforceable regulations based on this Code, which have precedence over the above stated regulations. Since 1 January 2008 the Act on Amendments of the Seamen Code (Official Gazette no. 76/07) has been completely applied. This Act regulates the status of seamen – crew members on the ships ininternational navigation.
Drawing-up of financial reports assumes the applicability of the basic accounting presumption of indefinite business operations. Such presumption implies that the entrepreneur will in the foresee able future continuehis/her business operations, where by he/she does not need to liquidate or considerably reduce the volume of the business operations. It is also presumed that the entrepreneur is not going to seek for protection from creditors according to the law or that his/her business will not go bankrupt. Due to the fact that audit is a link which creates mutual trust between the report users and them anagement as the body responsible for drawing-up of financial reports, it is necessary to take into consideration indefinite business operations by the auditor. Such consideration is also needed before giving opinion on financial reports, i.e. determination of their quality.
A decision making on the optimum financing requires a detailed studying and analysis of the possible options and their effect on the business operations of a company. Such a comparative analysis of leasing and other forms of financing includes the analysis of advantages and disadvantages and the choice of a better option. Although a bank loan is similar to a financial leasing, they cannot always be regarded as substitutes. If this were the case, leasing would be distributed randomly. Such a fact represents the initiative for analysis of the leasing topic including the advantages and disadvantages of its use because small businesses still do not use such a way of financing enough.
When at the meeting of a company’s assembly a decisionis made on pay-out of dividends i.e. profits, then a company’s management has a problem of managing finances. This is first of all a great »impact« on the finances when new investments into the growth of market or internal investments are to be made. This article deals with the policy of dividends.
Autor: Dragan TOMAŠEVSKI, dipl. oec. i steč. uprav.
Before the analysis of the financial reports of banks it should be pointed out that the banks, as other entrepreneurs too, are obliged to apply the regulations of the International Standards of Financial Reporting which include the International Accounting Standards.The article includes some explanations for drawing-up of financial reports of banks: balance sheet, profit andloss account, cash flow reports, reports on the changed capital amounts and notes to financial reports.
One of the entries of reduction of the profit tax baseis a state subsidy for education and training. An entrepreneuris obliged to make records on the expenses for education and training and to draw up a review of such expenses. The review of the expenses is to be enclosed to the profit tax report (PD Form). This article presents a practical example of drawing up the Review of Expenses for Education and Training.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
This article deals with the ways of use of state subsidiesin the form of tax reliefs for income tax payers and profit tax payers regarding research and development projects as well as education and training. It includes the calculation and the way of their presentation in income tax reports of craftsmen and independent activities i.e. profit tax reports.
The Act on Financing Local and Regional Governments determines the sources of funds and the way of financing the business operations of the county, municipality and town governments i.e. local and regional governments. According to the above stated Act the local and regional governments make income from their own sources, from participation in the contribution of the common taxes and the subsidies from the state and county budgets.
According to the General Tax Law there is a possibility to write off a tax debt in the case when such a debt becomes non-operative. There are regulations for some cases when the Tax Administration officially conducts the procedure or on request of a tax payer. These regulations also describe the possible situations when a tax debt becomes non-operative. This article deals with the way of writing off debts, the documents which prove the impossibility of debt collection and the procedures of the Tax Administration.
Income tax payers, craftsmen and free lancers can purchase real estate as long-term assets for performance of their business activities from various suppliers, such as, for example, other entrepreneurs who carry out the registered activities or companies and other craftsmen or free lancers, citizens. Usually, craftsmen invest their personal assets – real estate into the assets of their business. It depends on the tax status of the craftsman whether the purchase of the real estate is subject to VAT payment. According to the regulationon income tax the above stated turn over certainly affects the income of the business, especially if the real estate is sold which was few years ago written-offon a one-term basis in the moment of its putting into operation.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
From 1 April 2008 the constructors who have not acquired construction permits will not be allowed to start construction works according to the new regulations.This article deals with the current issues referring to fulfilment of certain organisational and other conditions in order to acquire the necessary construction permits.
In accordance with the Art. 2 of the Act on CateringActivities a catering activity includes preparation ofmeals and provision of food, preparation and serving ofdrinks, accommodation services as well as preparationof take-away food with or without serving and deliveryof such food.According to the Art. 3 of the above stated Act cateringactivities can be performed by companies, co-operatives,retailers and craftsmen who fulfil the conditions forperformance of such activities – caterers. Under certainconditions catering activities may be carried out by publicinstitutions which manage national parks and parks of nature,sanatoriums, catering schools, student dormitorieson their premises.The article deals with the procedures of keeping guestrecords, guest lists and the amendments of the Act onCatering Activities.
U nastavku se daje nekoliko odgovora na pitanja iz nadležnosti gospodarske inspekcije, odnosno daju se odgovori iz poslovanja u trgovačkoj te uslužnoj djelatnosti. Autor daje odgovore na pitanja vezana za uvjete i načine obavljanja trgovine na malo putem interneta, koja je u posljednje vrijeme sve zastupljenija. Deklariranje proizvoda od cvijeća kao i prodaja dobara u manjem opsegu za koju poduzetnik nema registriranu djelatnost također je aktualna tema. O čemu trebaju voditi brigu proizvođači koji prodaju vlastite proizvode, vezano za obvezu isticanja cjenika i vođenje knjige popisa kao i prodaju poljoprivrednih proizvoda (meda), odgovaramo u nastavku.
The Fund for Professional Rehabilitation and Employment of Disabled Persons has made a Decision on Stimulating the Employment of Disabled Persons. According to the Art. 2 of this Decision the employer who recruits a disabled person or a disabled person who becomes self-employed has the right to the regular and additional stimulations. This article deals with the issue of regular stimulations which can be granted upon employment or self-employment of disabled persons.
In the rich practice of the Supreme Court of the Republic of Croatia in the field of labour law especially interesting are the legal decisions of this Court in the audit cases of immediate cancellation of contracts of employment. The article presents three decisions made by the Supreme Court of the Republic of Croatia referring to the reasons and terms of immediate cancellation of contract of employment.
In the budget organisations and the organisations of budget beneficiaries accounting is realised according to the specific regulations.This article deals with the accounting procedures referring to the purchase, sales and collection of receivables through land (real estate).
Autor: Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
This article presents the review of conclusions made by the Commission for interpretation of the basic collective agreement for clerks and civil servants at the meetings held in 2007 and 2008.
The Public Purchase Act defines the exemptions of its application when the procurement officer and the procurement officer in the fields of water supply, power supply, traffic and postal services (in the Act called sector procurement officer) does not apply the above stated Act.This article deals with the exemptions according to the Public Purchase Act including the differences compared with the previous Act.
This article gives a brief layout of the present profile of the accounting and tax systems in the Republic of Serbia with special reference to the issues important to foreign investors and other persons living abroad. The text deals with the most important elements of the key tax types inSerbia: value added tax, profit tax, taxes and contributionson salaries and other forms of taxation. The article also includes the current system of accounting and financial reporting in the Republic of Serbia.
