One of the common issues refers to the need of value adjustment of receivables from buyers i.e. whether they should be written-off, including the conditions for the costs of value adjustment of receivables from buyers or write-off to be recognized for taxation purposes. Due to the fact that one of the basic accounting requirements stated in the accounting standards requires the presentation of assets per fair value, the receivables from buyers should also be reduced to their fair value, i.e. value adjustments and their write-off are to be recorded. The article deals with the procedure of recording value adjustment and write-off of receivables from buyers in book-keeping, including the tax position of such value adjustments and write-offs.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The promotion of a company, a product or a service represents the costs of the current period and is regarded as expenditure in terms of taxation. However, the costs of promotion are sometimes not so easy to define due to the fact that it is difficult to distinguish them from the entertainment costs and the costs for other gifts. Entertainment costs represent a specific expenditure in the taxation system in view of their recognition. The author of the article writes about various types of entertainment and promotion costs and presents their interpretation in view of book-keeping and taxation, emphasizing the news applied in the year of 2010.
The listing of total assets and liabilities should be prepared at least once a year, at the end of the year in order to present a real situation in the final report, so that the basic financial reports would be realistic and objective and the users of such reports could make the corresponding business decisions. The Accounting Act and the General Taxation Act determine the obligation of doing the listing. Accordingly, the requirements of the CFRS and IFRS determine that the financial reports should present the financial position and performance of a company in a fair and true way, which is only possible if the presented data correspond to the real situation.
The article provides the instructions referring to the listing of assets and liabilities, including its importance for the realistic financial reporting.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
Since this year the changed IAS – Agriculture has been applied. However, the requirements for determination of the fair value of biological assets and agricultural products have remained defined as the basis for determination of their fair value, despite numerous discussions within the International Accounting Standards Board (IASB). Due to the fact that the CFRS took over the solutions from the IFRS, the CFRS no. 17 Agriculture determines the requirements for determination of fair value upon the initial and subsequent determination of fair value of biological assets and agricultural products. The determination of the fair value is only defined in the IAS no. 41, the solutions of which can be applied by the companies obliged to operate according to the CFRS i.e. the CFRS no. 3 – Accounting Policies, Changes of Accounting Estimates and Errors, due to the fact that such procedures are not defined in the CFRS no. 17.
Planning is a regular process which is repeated every year. However, it could become just a dull routine in order to fulfil certain formalities. Planning should be regarded as an opportunity for a step forward. Otherwise the same mistakes will be made again. This article on controlling of sales presents simple and practical methods of analysis of sales results, which can (should be) the basis for better planning of sales results in the following period.
Due to the fact that since the beginning of this year the system of VAT taxation of cars has been changed, which was analysed in more details in the RRiF 4/10, this article presents a short review of recording purchase and costs of use of cars for the most common purposes.
Compared to company's performance the budgetary system is specific in view of its operations and accounting. However, it is also characterized by internal realization. Due to various terms used to refer the internal realization and the lack of obligation to present the internal realization in all its forms, the presentation of the internal realization in the system of budgetary accounting requires a more thorough analysis. The article describes the procedures in budgetary accounting referring to the recording, the calculations and the financial reports in the internal realization.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
This workshop comprises recording of transfer of receivables and the difference in foreign currency clause. Due to various forms of relationships stated in the contracts on transfer of receivables, the relationship of contract parties is recorded in different ways taking into consideration the responsibility for collection of receivables. The accounting regulations do not require the introduction of the differences arising from the application of a foreign currency clause in the net value of the long-term non-financial assets and therefore they are recorded as Expenditure – class 3.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The organizations which apply the Directive on Accounting of Non-profit Organizations are obliged to calculate depreciation i.e. write-off (value adjustment) of the fixed assets in accordance with the list of depreciation rates for fixed assets, which is a part of the Directive. The article presents the accounting procedure regarding the reduction of the fixed assets.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The payers of salaries, pensions and other receipts from non-independent work are obliged to draw up the annual calculation of salaries for their employees and other persons who realized receipts from non-independent work in their company. However, the final calculation can be prepared only for the employees who realized their salaries, i.e. income from non-independent work during the entire tax period without changing their residence i.e. the usual place of residence in which the payment of tax is obligatory. The article deals with the procedure of preparing the final calculation.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
In the value added tax system the repair and maintenance services have the same taxation status as any other economic activity, which is one of the basic characteristics of the VAT. The article deals with some facts which have to be considered by the tax payers performing the above stated activities.
The tax position of rental fees collected by physical persons (citizens) is mostly unknown to the public since there is a prevailing fear of taxes and therefore such fees are usually not registered and the taxes on them are not paid. The article deals with rental fees, which do not represent a business activity and the taxes on which are determined by the Tax Administration according to the application made by the lessor at the Register of Income Tax Payers.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
During tax inspection the tax inspectors supervise tax payers who perform various activities and operations. There are numerous examples of frauds in business records. The people who forge financial reports and tax return forms have a rather rich imagination. It is simply determined that a particular tax payer performed a legal business with the purpose of hiding another legal business or signed a contract on performing certain activities, which have not been performed, whereas in accounting i.e. the business records there is the documentation on the performed business event. The topic of the article is how to recognize the tax payers who perform fictitious legal business.
In the time of the extreme lack of liquidity of the Croatian economy the check-up of a company's credit standing is a rather important procedure which should seriously be considered. Before starting a new business co-operation, including keeping the existing ones, the check-up of the credit standing of the new and old business partners is extremely important. Therefore, before each delivery of their products or services the Croatian entrepreneurs should be aware of the fact that in the risky business environment in the Republic of Croatia they can be faced with impossible collection of the receivables from insolvent business partners. The article presents a quick and simple model of check-up of company's credit standing, developed by the author of this article.
The article presents an agenda of the regular monthly meeting held by the International Accounting Standards Board and the Generally Accepted Accounting Principles Board. The contents of the obligation according to the IFRS, which replaces the International Accounting Standard no. 37 is specifically analysed.
The EU Commission plans to adopt new regulations in banking, after the Basel Committee of Banks adopted the new and higher standards. This represents the fourth amendment to the Directive on Capital Rules. Besides, the bills which have also been adopted comprise the following matters: stricter sanctions for violation of regulations on the budget, limitation of speculative transactions on the stock market, improved effects of the EU regulations, tariffs to be paid by telecommunication companies, aid to shipyards, term of settlement of invoices, etc.
The author of the article analyses the difference between a promissory note and other types of payment securities. The article points to some issues that should be a constituent part of the system connected to such instruments, which are in author's opinion not clearly stated in the existing regulations. The problems and risks of collection of promissory notes are expected to be especially interesting to the readers including both the creditor and debtor.
The life and business operations of indebted legal and physical persons are especially difficult in the recession. Difficulties in settlement of due credit liabilities force them to negotiate with their creditor(s) and try to achieve the conditions in which they will be able to settle the changed and adapted liabilities. Recently, some banks in Croatia have announced the measures which should help their clients in the situation of difficult repayment of credits.
Autori: Dr. sc. Damir JURIČIĆ Mr. sc. Silvia JURIČIĆ
The Credit Scoring Method represents a technique which enables to banks to achieve two extremely important goals: reduction of costs and quantifying of appetite to take the risk. Credit Scoring offers a high degree of automatic decision-making referring to granting of a credit, which reduces a human engagement. The reduction of human engagement results in lower costs and reduced subjective decision-making referring to granting of a placement.
Izborom iz svakodnevnih pitanja upućenih RRiF-ovim savjetnicima čitateljstvu pružamo mogućnost upoznavanja s praksom, čime će proširiti svoje spoznaje o rješavanju sve složenijih svakodnevnih problema u računovodstvu, porezu i financijama.
RAČUNOVODSTVO 1. Raspodjela nenovčane imovine vlasnicima na ime isplate dobitka 2. Klasifikacija revalorizirane imovine na imovinu namijenjenu prodaji
POREZ NA DODANU VRIJEDNOST 1. Davanje promidžbenog materijala 2. Oporezivanje naknada za prisutnost rođenju 3. Prodaja imovine ispod nabavne cijene 4. Oporezivanje usluga posredovanja
POREZ NA DOHODAK 1. Naknada troškova prijevoza na posao i s posla
Besides the obligatory annual listing at the end of the year and the control of the presented income and expenditure, the income makers should in December check whether they have satisfied one of the criteria for transfer into profit makers. Those on the border have enough time to adjust some of their business events in order to remain income makers, if they wish to. The article points to some specifics in view of taxation and book-keeping, including the allowed and excessive losses – shortages of goods and stocks, determined in the annual listing of physical persons.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
Besides supervision in the field of sales, catering industry, consumers' protection and alike the inspectors of the State Inspectorate also control the application of the acts and regulations referring to payment of the accommodation fee. This article provides the replies to some questions regarding payment of the accommodation fee in 2010.
The protection of data and supervision of use of IT systems in the state are determined by the regulation which forbids the use of personal data for the purpose which is not determined by their collection. The Act on Protection of Personal Data determines the supervision of collection, processing and use of personal data in the Republic of Croatia. The aim of this Act is to protect personal data i.e. privacy and the basic freedom upon collection, processing and use of personal data. The article presents the procedure to be made by a company referring to delivery of data to the Agency for Protection of Personal Data.
The food of animal origin, which is to be put on the market, should appropriately be marked or identified in some other way, in order to enable the review of their succession i.e. to determine their origin and ensure a complete and accurate information on the product and its manufacturer, so that the consumer can make a decision on purchasing such a food. The article deals with the way of marking meat and meat products with a special emphasis on the data which are to be stated on each product label.
The bill of the above stated Act contains substantial changes of the conditions for obtaining the right to old-age retirement or early retirement. The Croatian Parliament is expected to pass the bill in October, 2010. Accordingly, the latest Amendments to the Act on Pension Insurance would become effective in November, 2010. The article presents a comment on the amendments to the above stated Act, comprising the following issues: gradual equating of conditions for obtaining the rights to retirement for women compared to men, increased reduction of early retirements compared to the reduction average so far and the percentage in view of the years of service, reduced deadlines for registration at the corresponding Register.
The Act on Amendments to the Bankruptcy Act, which became effective in October 2010, introduced the institute of the shortened period of bankruptcy procedure into the Croatian legal system. The author of the article analyses the amendments to the new Act and its application in the practice.
In order to plan and control the company's business activities the Management has to be informed about the costs of various business operations. Such information help the Management to determine the realization of the business processes within the limitations of the planned costs, including the responsibilities of all the management levels which supervise them. This article deals with the company the core activity of which is production. Each company should have a clearly determined purpose and goal of operations: permanent business operations and maximum business results in the long period, which is to be realized through the organization of business activities.
Autori: Mr. sc. Lucija BAČIĆ, dipl. oec. Mr. sc. Davor MANCE, dipl. oec.
The article deals with the etiquette during business negotiations. Due to the fact that such a complex topic cannot be summarized on a few pages, the article presents some basic rules of good manners which should be followed during negotiations and other life situations as well. Since the rules of good behaviour cannot entirely be divided from the technique to be used, sometimes it is not possible to avoid their perplexity.
Due to the fact that the new standard of the National classification of professions 2010 is being currently prepared and will be published in the Official Gazette in December, the article presents the activities which preceded its completion and the activities which follow after its publishing.
