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Računovodstvo, revizija i financije

Računovodstvo, revizija i financije

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rrif - 4.2009, str. 15

CURRENT ISSUES IN CALCULATION OF PROFIT TAX AND DRAWING-UP OF ANNUAL FINANCIAL REPORT TO BE PUBLISHED

rrif - 4.2009, str. 17
The deadline for submission of the annual profit tax return for 2008 is untill 30 April. This is the most important report according to which the accounting and tax regulations are combined and according to which the annual profit tax liabilities and advance payments for 2009 are determined.Since after the above stated term the annual financial reports are prepared for publishing (untill 30 June or 30 September) the article includes some important hints for the accountants  regarding their further activities.

Statistical Reports for Period January-March 2009

rrif - 4.2009, str. 25
The three-month statistical research on business operations of an enterprise, including banks, savings banks, insurance companies and non-profit organizations is made according to the Programme of Statistical Activities of the Republic of Croatia for 2008 till 2012 and the Annual Realization Plan of Statistical Activities. The entities obliged to make a three-month statistical report fill in the corresponding forms which are delivered to the FINA untill 20 April 2009 at the latest.

Delayed Tax Assets and Delayed Tax Liabilities

rrif - 4.2009, str. 31
  The Rulebook on Balance Sheet Structure and Profit and Loss Account determines the obligation of recording delayed tax assets and delayed tax liabilities under certain circumstances. The article deals with the acceptable situations according to the IAS 12 and CFRS 12 in which such assets and liabilities are to be recorded. There is a possibility to record such assets and liabilities only in the case of the so-called temporary differences between the tax base and the accounting profit.

Reservations for Severance Payments

rrif - 4.2009, str. 43
The author of this article writes about severance payments from the viewpoint of the Profit Tax Act and provides an explanation how to determine and record the reservations for severance payments according to the CFRS and IFRS in book-keeping. Due to the fact that the Profit Tax Act does not provide enough information as to which reservations for severance payments are recognized as tax releifs, there is a question in view of the recognized reservation costs for severance payments which will be made by an enterprise in the following few years.

Balance Sheet Matching– Allowed and Non-Allowed Creativity in Financial and Tax Reports

rrif - 4.2009, str. 48
The article deals with book-keeping and accounting procedures which are legally permissible in planning and drawing-up of business results and profit tax base. However, from the critical point of view threre is a review of the procedures which are not allowed but are often applied in domestic and foreign practices and stated in the literature. Therefore, this article belongs to the domain of professional curiosity, whereas everybody is responsible for his/her own acts.

Value Recording of Receivables and Liabilities

rrif - 4.2009, str. 57
Receivables and liabilities represent an inevitable asset of each enterprise. Therefore, the specific interest in the estimated value of these balance sheet items is justifiable since it can considerably affect the capital amount and business results respectively. During crisis the issue of managing receivables and liabilities becomes even more critical due to the decreased liquidity, solvency and possible bankruptcy procedures of the companies which are not able to deal with the new challenges during the recession. Receivables and liabilities represent two sides of the same economic relationship, a legal deal between two companies. This article deals with the accounting records of receivables (except the receivables according to the contract on financial lease) and liabilities in accordance with the requirements of the financial reporting standards.

Accounting of Costs for Maintenance and Investments into Long Term Tangible Assets

rrif - 4.2009, str. 65
Long term tangible assets comprising real estate, plants and equipment make up a substantial asset entry in most companies. Therefore, it is important to determine whether a particular investment in such assets represents Expenses of the period or Increased value of such assets, since it can considerably affect the financial position and business success of a company. The author of the text explains when the investments into long term tangible assets are recorded as expenses of the current or investment current maintenance and when they are recorded as the increased value of these assets.

Realization of Bookkeeping Accounts and Recording Initial Statement according to New Chart of Accounts

rrif - 4.2009, str. 70
After drawing up of the Annual Financial Report and closure of the business records for the year of 2008 the initial statements for the year of 2009 should be recorded taking into account the requirements of the accounting standards and the new chart of accounts. Due to the fact that the regulations were passed rather late many enterprises completed their records for the previous year according to the old chart of accounts. The author of the article explains the positions of the initial gross balance sheet as a check-up or as an aid to the enterprises which did not adjust their chart of accounts untill the end of the last year and stresses the main points which should be taken into account upon transfer.

Changes of Rulebooks on Environmental Protection and Waste Disposal

rrif - 4.2009, str. 76
Some Rulebooks which determine waste disposal and payments of certain compensations by manufacturers or importers have been changed. Some compensations of costs which are paid by the Fund for Environmental Protection and Energy Efficacy to collectors of specific groups of waste have been decreased/increased. This article deals with the most important news regarding the above stated changes. This issue was also discussed in previous articles of the RRiF Magazine.

Business Trip

rrif - 4.2009, str. 78
Non-Profit Budgetary Accounting
  • The author of the article presents some practical solutions of recording business events referring to a business trip of an employee.
  • Salaries from Profit, Year-End Bonus and Bonus

    rrif - 4.2009, str. 80
    The payment of a salary from profit, a bonus or a year-end bonus is principally effected in the current year for the previous year, usually after submission of the final account. One should keep in mind that the contributions on such payments are paid according to the rates and on the base which belong to the previous year, which is regarded as a year of service. Thus the salary on which the contribution for the pension fund is paid is included in the pension base for the previous year. Contrary to this, the income tax is paid according to the regulations of the year when salaries or bonuses are paid and thus belongs to the tax period (year) in which payment was made. Income tax and sur-tax are calculated cumulatively on all the payments in the month in which a salary is usually paid for the month of the current year. Therefore, there is usually a rather high progression of the income tax. Attention should be paid to the marginal base for payment of contributions to the pension fund on the annual level in order to avoid overpayment of the contributions for the First Pillar of pension insurance.

    Global Financial Crisis

    rrif - 4.2009, str. 91
    NEWS FROM INTERNATIONAL ACCOUNTING AND AUDIT

    EU Starts Comprehensive Reform of Financial Regulations

    rrif - 4.2009, str. 92
    The author of the article presents a reform of financial regulations to be started by the European Union, which include a more stable financial sector, credit rating agencies, procedures with bad assets of bank, the European clearing system, aid to the members in need, accounting directives, tobacco and cigarette excise duties, etc.

    Managing Receivables from Buyers

    rrif - 4.2009, str. 96
    Managing of the company's operating capital represents one of the most important everyday operations of an accountant or a head of finance department. The important element of this proces is managing receivables from buyers, which besides cash represent the most liquid company's assets. The problems which a company encounters in such a case refer to two key problems in receivable management. The first one is the issue of the optimum level of receivables, i.e. how to establish the optimum crediting  policy (delayed payments) of buyers. The second one is the question of their collection, i.e. how to conduct the collection of recevables in the most efficient way.

    Managing Company Finances

    rrif - 4.2009, str. 105
    Each business decision results in financial consequences visible on the company's business account. Therefore, managing the company's finances represents managing the company's cash. The article deals with the issues that should be considered by the managers and the tasks of the management in order to achieve positive cash flows.

    VAT Releif for Goods and Services Paid from Foreign Cash Donation and EU Subsidies

    rrif - 4.2009, str. 110
    The category of tax releif for purchase of goods and services in the country and for imports represents a kind of privilege for a specific group of enterprises – institutions as well as the bodies of the federal and local governments which pay such goods and services from a foreign cash donation and use them for their business operations. The beneficiaries of the EU subsidies can also exercise the right to a tax releif under certain conditions. This is the way to additionally stimulate foreign donators and to enable for the received donation to subject to a tax releif if it is used for purchase of goods and serviced by the above stated enterprises.

    Value Added Tax Rates in European Union

    rrif - 4.2009, str. 116
    The European Commission published the document Value Added Tax Rates in EU Member Countries (DOC/2401/2009), which provides a current review of VAT rates in the EU member countries as at 1 January 2009. Using these and other available data the paper deals with the VAT system in each individual member country including the historical review of VAT rates within the EU.

    International Tax Planning – Techniques and Instruments

    rrif - 4.2009, str. 125
    The author of this article provides a brief review of the basic terms referring to tax strategies of multinational companies and some instruments used in tax planing. Tax planning represents a group of techniques and instruments which can result in long term tax savings but only in the case if such planning is an integral part of the entire corporate strategy. Techniques and instruments of tax planning are aimed at achievement and maintenance of a low and effective tax burden in the consolidated profit tax base of the corporate group performing its business operations abroad.

    VAT Exemption for Delivery of Goods and Services to Diplomatic Missions and Consular Posts, International Organizations and Other Foreign Persons in Croatia

    rrif - 4.2009, str. 132
    Since the introduction of the VAT the tax position of foreign persons in Croatia, i.e. diplomatic missions and consular posts, humanitarian organizations has become clear and makes up a constituent part of the usual business practice of enterprises. The sellers can thus upon delivery of goods and services to the above stated enterprises apply the provision referring to the VAT exemption but only for those which have submitted an official receipt on their tax status issued by the competent state body or the Diplomatic Protocol. The article deals with the specifics which are to be considered in such a case.

    Clearing Payments for Craftsmen and Free Professions

    rrif - 4.2009, str. 138
    Clearing payments for craftsmen and free professions are especially important in the conditions of the reduced liquidity when craftsmen often try to collect their receivables through compensation. Cession represents one of the way of clearing payments and can include craftsmen, companies and citizens as participants in the payment transactions i.e. cession participants.

    Izmjena u plaćanju doprinosa obrtničkim komorama

    rrif - 4.2009, str. 144
  • Izmjena u plaćanju doprinosa obrtničkim komorama za Gospić, Novalju, Otočac, Senj i Našice.
  • Smoking Prohibition in Public Facilities

    rrif - 4.2009, str. 145
    Due to the current issue the author of the article writes about the public facilities to which  smoking prohibition completely refers and under which conditions there are exceptions according to which smoking is allowed.

    What Is Controlled by State Inspectors in Inspection of Catering Facilities

    rrif - 4.2009, str. 148
    Catering industry comprises preparation of food, provision of food, preparation and serving drinks and beverages, accommodation services, preparation of food to be consumed at some other place and delivery of such food. The control of the application of the law and regulations in the catering industry is made by the inspectors of the State Inspectorate. The author of the article writes about the elements of such control.

    Breast-Feeding Break, Maternity Leave and Nurseling Leave

    rrif - 4.2009, str. 157
    The Rulebook on conditions and precedures of exercising the right to breast feeding break, maternity leave or nurseling leave with compensation of salary was issued in accordance with the Act on Maternity Leave and Subsidies to Parents. This Rulebook determines the conditions and procedures of exercing the rights of an employed and self-employed mothers to breast feeding break, maternity leave or nurseling leave, working pregnant women or a breast feeding mother. It also comprises the way of calculation and payment of salary compensations during the breast feeding break, maternity leave or nurseling leave.

    Layout of Contract on Employment as Legal Basis of Employment and Application of Most Favourable Law

    rrif - 4.2009, str. 160
    Layout of Contract on Employment as Legal Basis of Employment and Application of Most Favourable Law

    Collection of Receivables from Bankruptcy Estate and Distraint of Bankruptcy Estate

    rrif - 4.2009, str. 162
    Upon the start of bankruptcy proceedings the bankruptcy debtor (legal person or individual debtor) loses the legal possibility of managing the assets included in the bankruptcy estate. The article deals with the issues referring to the bankruptcy estate and its legal position upon distraint process, stating the examples from the court practice.

    Application of Excel in Financial Calculations

    rrif - 4.2009, str. 175
    Excel is a tool which enables a quick and efficient data processing organized in tables. The way of processing and analysing financial data in Excel depends on the specific characteristics and type of business operations a company performs as well as the structure of financial activities within a specific company. The financial functions in Excel provide easy solutions of complex financial calculations. This article presents possible applications of the financial functions in Excel. Practical examples include the basic financial functions: present and future values, term of investment repayment, loan repayment, pure present value and internal profitability rate. Besides the presentation of the basic financial functions the article deals with the contents of specific functions and the possibility of their practical application.

    Sickleave and Loan Repayment from Granted Guarantees

    rrif - 4.2009, str. 180
    Workshop of Budgetary Accounting - The author of the article presents some practical solutions of recording business events in budgetary accounting.
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