RRIF-OV NEWSLETTER
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Računovodstvo, revizija i financije

Računovodstvo, revizija i financije

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Pekari novih vrijednosti - uvodnik

rrif - 5.2008, str. 15

NEW COMPANY’S FINANCIAL REPORTSAND NEW CHART OF ACCOUNTS

rrif - 5.2008, str. 17
At last there is a legal document which determines the new contents of financial reports including those of the chart of accounts and the company’s general ledger. Due to the fact that the new Accounting Act (Official Gazette no. 109/07) does not contain annual financial reports, where by the legal regulation has transferred the obligation of passing and publishing to the Minister of Finance, the above stated legal document appeared at the beginning of April. According to the Proposal made by the Committee for Standards of Financial Reporting the Minister of Finance accepted and enacted the Rulebook on Structure and Contents of Annual Financial Reports (Official Gazette no. 38/08 from 2 April 2008). This article deals with the changes in the contents of financial reports, which resulted in the changes of the system and lay-out of the chart of accounts.

APPLICATION OF INTERNATIONAL STANDARDS OF FINANCIAL REPORTING NO. 6 AND 7

rrif - 5.2008, str. 23
The International Standard of Financial Reporting no. 6 (ISFR) is applied to the expenditure on research and estimates of mineral resources, which is recorded by the company engaged in such activities. This standard is not to be applied to the expenditure which emerged before such research and estimates were started i.e. before the company acquired the legal rights to such research, neither to the expenditure which emerged after the technical feasibility and cost-effectiveness of extraction of mineral resources have been proved. The publishing of the International Standard of Financial Reporting no. 7 (ISFR) resulted in with drawal of the IAS no. 30 which determined the issues referring to publishing of bank financial reports. The new ISFR no. 7. is not limited to banks only but refers to the other companies which are obliged to apply the ISFRs such as large companies and the companies whose shares or debtor’s securities have been listed or are to be listed on the organized stock exchange market, as well as all the finance companies. The article deals with the accounting procedures referring to the guidelines presented to the above stated companies.

INVESTMENTS IN REAL ESTATE

rrif - 5.2008, str. 28
The accounting evaluation of the investments in real estate which are purchased or built in order to earn anincome from rental and/or the increase of their capital value are determined in the IAS no. 40 and the CSFR no. 7. Depending on the investors’ interests and their business goals it is possible to change the model of recording real estate either according to its purchase value or fair value. In the business practice there are situations when the changes of the purpose of a particular real estate are transferred from or on the account of investments in real estate.The article deals with the examples of accounting procedures referring to investments into real estate.

ACCOUNTING OF DIVISION OF ENTERPRISE WITH ESTABLISHMENT OF NEW COMPANY

rrif - 5.2008, str. 35
Enterprises can have various status changes during the active period of their business operations. The cases of joining or merger of companies are pretty often since in such a way the capital is growing and the company can achieve more demanding objectives with larger funds. Company divisions are also very common. They can be realized through separation or dividing, whereby a new company or new companies can be founded. This article deals with the above stated issues as well as the news in the Act on Amendments of the Companies’ Act which came into effect on 1 April 2008.

EVALUATION OF FINANCIAL INVESTMENTS AND RULES FOR CONSOLIDATION OF FINANCIAL REPORTS

rrif - 5.2008, str. 41
Consolidation of financial reports of the companies within a group (parent company or subsidiaries) is acomplicated accounting procedure since the balance sheet, the profit and loss account, the report on equity alterations and cash flows as well as the notes should be presented as a part of one economic unit, one entity. Due to such a procedure the business records should ensure the data which will enable such a presentation.This means that the value of all the investments of the parent company into its subsidiaries or the investments of subsidiaries into other subsidiaries should be determined according to the methods defined in advance in accordance with the ISFR and HSFR, depending on which standards are applied by the company. All the important transactions and business changes should be conducted according to the determined accounting policies which are to be applied for all the companies under the same conditions and in the same way.This article deals with the methods of determination of the investment value in the companies, the financial reports of which participate in the consolidation. The article also presents the contents of the internal regulations regarding the consolidation procedures.

PROBLEMS OF ISFR APPLICATION IN EUROPEAN UNION

rrif - 5.2008, str. 45
The article deals with the investigation on the companies and in which cases in specific countries of the European Union which apply the International Standards of Financial Reporting (ISFR). In general, the ISFRs are applied by the countries which do not have a well-developed company act and the taxation system. The other part of the article stresses all the problems and doubts appearing in the European Union upon application of the ISFRs. This is inexplicable due to the fact that the European Union has not even started developing its own accounting system. This has become very interesting in view of the situation in Croatia since the Croatian Standards of Financial Reporting started to be applied to small and middle-sized companies, with the contents which is actually the copy of the ISFRs. The EU Committee is against such a procedure since they think that the accounting standards for smalland middle-sized companies, which are soon to be compiled by the IASB in London, cannot be applied to the EU countries.This article deals with the above stated issues.

IMPORTANCE OF EXPENSES FOR PLANNING AND SUPERVISION OF BUSINESS OPERATIONS (FIRST PART)

rrif - 5.2008, str. 51
The accounting information represents a condition for performing of managerial operations, especially planning and supervision. Such information enables easier decision-making on future operations of a company. A Company Controller is a person responsible for preparation of managerial accounting information. The accounting estimates provide the key information used by the management upon decision-making. The estimates are closely connected with the managerial organisation activities because the estimates of lower units have to be adjusted to the estimates of the entire company.The article deals with the importance of expenses and accounting estimates for managerial planning and supervision of the company’s business activities.

ALTERNATIVE BUSINESS DECISIONS

rrif - 5.2008, str. 58
Alternative business decisions refer to the provision of optimum answers to every day questions in the business field. The company management, especially if itis engaged in production activities, has a number of possible solutions. Making the right choice and finding the right solution requires specific information on expenses. Especially important is to determine the relevant expenses since they are the key factors upon decision-making. The article explains how the information on expensescan affect alternative business decisions.

TRANSFERS AND TEMPORARY SERVICE CONTRACTS

rrif - 5.2008, str. 63
Non-profit organizations have the possibility to establish another non-profit organization and to finance the activities of this another organization. The activity of the non-profit organization may require signing of the temporary service contracts according to which the organization receives services and provides counter-services. The article deals with practical accounting procedures referring to the recording of transactions regarding transfers and temporary service contracts.

STUDENT AGENCIES

rrif - 5.2008, str. 66
Student agencies are included in the accounting system of non-profit organizations. The application of the new accounting system of non-profit organizations has not changed the model of their business operations but has aroused the issues of recording their specific business events.This article presents instructions in case of doubts referring to recording of their business events including the suggested solutions.

News from Board for International Accounting Standards

rrif - 5.2008, str. 71
News from Board for International Accounting Standards (Presentation of Financial Reports and Standards for Small and Middle-sized Companies)

New Reduced Administrative Burden on Companies

rrif - 5.2008, str. 73
New Reduced Administrative Burden on Companies

Calculation of Investments into Short-term Assets

rrif - 5.2008, str. 76
Calculation of Investments into Short-term Assets

OPTIMIZATION OF STRUCTURE OF REVOLVING CAPITAL

rrif - 5.2008, str. 83
A successful management of the revolving capital assumes the optimum structure of of the revolving assets and the sources of short-term financing. The optimum revolving capital amount of a company is a minimum capital sum which ensures the cost-effectiveness of the business operations and regular fulfilment of current liabilities i.e. liquidity maintenance.The article uses the financial term revolving capital which comprises the assets and the sources of assets,which is different from the term capital used in accounting and law.

TAXATION OF TOURIST SERVICES

rrif - 5.2008, str. 88
The tourist season is about to begin and the tourist workers signed the contracts on accommodation services or other tourist services for the season of2008 with tourist agencies taking into consideration tax liabilities. Compared to the previous years, this year there should not be any doubts about the tax position of accommodation and other tourist services. In view of taxes the Ministry of Finance has mostly solved all the issues referring to the value added tax, so we could expect a better tourist and ‘tax season’. The article provides a reminder on the tax position of tourist services and the review of articles dealing with this topic in more details including taxes and other regulations referring to performing of the tourist industry.

TEMPORARY SERVICE CONTRACT

rrif - 5.2008, str. 96
In the business practice the term temporary service contract is often used as a legal basis for the work for which according to the provisions of the Labour Act is obligatory to gain the employment status according to the contract of employment. From the legal, social and tax view points there is an important difference between the contract of employment and the temporary service contract. The temporary service contract is made for provison of one-time services which are not directly connected to the permanent business activities of the employer. The contract on employment is signed with the persons who directly perform the activities within the permanent business operations for which the employer is registered. The work according to the temporary service contract is the work on one’s own name and account, where as the work according to the contract on employment is the work on behalf and on the account of the employer. Due to such differences there is also a difference in the tax and social positions of the persons who work according to the temporary service contract compared to the permanently employed workers.

COMMON CONSOLIDATED PROFIT TAX BASE IN EU

rrif - 5.2008, str. 104
In order to avoid the tax discrimination and to ensure the regular course of the activities on the Common Market it is essential to comply the national tax regulations, first of all the regulations on indirect taxes but also those referring to direct taxes. The taxes which refer to companies are mostly classified as direct taxes. Contrary to indirect taxes, the compliance of which has considerably advanced in the EU (especially the compliance of VAT), the compliance level of the direct taxes (including the income tax) in the member countries is virtually at the beginning.This article deals with the reasons of such a slow harmonizing and the activities performed in order to make this procedure faster.

NEW CUSTOMS AND TAX RELIEFS DUE TO FINANCIAL AID FROM EUROPEAN UNION

rrif - 5.2008, str. 110
The Rulebook on VAT determines tax reliefs for provision of goods and services abroad when this is stated in the international contract which is obligeable for the Republic of Croatia. There is a wider range of customs and tax reliefs, the special tax and VAT reliefs for the project beneficiaries who have received the financial aid from the European Union for purchase of goods and services from abroad or inland. This article deals with the conditions to be fulfilled for the above stated reliefs.

SPECIFICS IN PERFORMING ACTIVITIES OF LAWYERS AND PUBLIC NOTARIES

rrif - 5.2008, str. 120
According to the Income Tax Act the business activities of lawyers and public notaries are regarded as free professions. The income as a tax base is determined according to the data stated in the compulsory books and records as the difference between the collected receipts and the paid tax acceptable expenses, i.e in the same way as the income made in crafts trade.This article presents the conditions necessary for performing the activities of lawyers and public notaries including the determination of their tax position according to the provisions in the Income Tax Act and the VAT Tax. It also contains the examples of entering some business events in business records.

EXEMPTION FOR CUSTOMS DUTIES FOR ENTERPRISES

rrif - 5.2008, str. 130
In the Republic of Croatia there are still exemptions for customs duties for certain enterprises according to special acts. A large number of such exemptions will be cancelled after the Republic of Croatia enters the European Union.This article deals with the exemptions which can still be used by enterprises.

MARKING OF FOOD PRODUCTS ACCORDING TO NEW RULEBOOK

rrif - 5.2008, str. 137
The new Rulebook on general declaration or marking of food products introduces the important new issues referring to the marking of food products. The most significant changes comprise the origin of products, the obligation of the catering worker to provide to the guest the information on the origin of the main ingredients of the meal as well as the ingredients which may cause allergies or in tolerance as well as the obligation of a detailed analysis of food ingredients and specific marking elements. An important novelty is the obligatory application of the Rulebook to the food produced on family farms, which has not been the case so far.This article deals in more details with the above stated and some other novelties regarding the marking of food products as the most important topic.

INFORMATION ON PRODUCTS AND MARKING OF TEXTILE PRODUCTS AND FOOTWEAR

rrif - 5.2008, str. 145
The consumer’s right to the complete and correct information about the product which is offered and sold on the Croatian market is one of the basic rights stipulated in the Consumer Protection Act. In order to exercise the above stated rights there are the regulations referring to the obligation of sticking the product information on the product or its packaging or its marking by specific marks. This is to be applied to textile products and footwear which consumers often buy in order to satisfy their own and other needs. Therefore, the manufacturers and sellers and, in case of the imported goods, the importers or the persons who put footwear and textile productson the Croatian market should take care that these products are entirely in accordance with the determined requirements. In order to achieve this, the above stated persons and consumers should be acquainted with the regulations and the way of marking these products.

NEW CONDITIONS FOR PROVIDERS OF CATERING SERVICES IN HOUSEHOLDS AND ON FARMS

rrif - 5.2008, str. 152
The renters – citizens who provide accommodation services in a room, an apartment, a holiday house or a camp should adjust their business operations to the new Rulebook on classification and categorization of the facilities in which catering services are provided in households. Besides, the obligation of adjustment refers to the catering services provided on the farm, which are in terms of taxes regarded as independent activities. The above stated tax payers should adjust their operations to the Rulebook on provision of catering services on farms. The article deals with the deadlines and the persons who subject to the above stated obligations.

SEASONAL WORKERS, HEALTH INSURANCE AND EXTENDED PENSION INSURANCE

rrif - 5.2008, str. 157
In a specific period of the year a company may have various volume and intensity of operations, depending on the type of its business activities. Along with the increased volume and intensity of operations there is a growing need for a larger number of workers. In such a case employers may sign with workers the contracton temporary employment or the contract on temporary employment for the permanent seasonal work. The article deals with the possible problems, the obligations and possibilities of the workers and employers upon signing the above stated contracts.

Change of Contract of Employment

rrif - 5.2008, str. 165
Change of Contract of Employment

Termination of Contract of Employment – Practice of Supreme Court of Republic of Croatia

rrif - 5.2008, str. 169
Termination of Contract of Employment –Practice of Supreme Court of Republic of Croatia

Letter of Credit, Bank Guarantee and Contract on Turn-Key Basis according to Amendments of Act on Obligatory Relations

rrif - 5.2008, str. 170
Letter of Credit, Bank Guarantee and Contract on Turn-Key Basis according to Amendments of Act on Obligatory Relations

Amendments of Act on Institutions

rrif - 5.2008, str. 174
Amendments of Act on Institutions

Mediation of School in Purchase and Replacement of Long-term Non-financial Assets

rrif - 5.2008, str. 176
Mediation of School in Purchase and Replacement of Long-term Non-financial Assets

New Collective Agreement on Social Care

rrif - 5.2008, str. 179
New Collective Agreement on Social Care

New Collective Agreement for Secondary Schools

rrif - 5.2008, str. 181
New Collective Agreement for Secondary Schools
Pretplatnik
Zakon o trgovačkim društvima  (1)