Računovodstvo, revizija i financije

Računovodstvo, revizija i financije


Distraint Procedure Based on Valid Document according to New Distraint Act

rrif - 12.2011, str. 15
The distraint procedure based on the valid document according to the Distraint Act has not been changed in terms of the contents comaperd to the old Distraint Act. It was concieved as a relatively simple and quick procedure in which the creditors make the forced collection of their receivables according to the valid decision on distraint made by the public notary. The authors of the article explain the distraint procedure from the moment of making a claim for distraint to the public notary till the realization of the distraint procedures, including the accounting position of the creditor up to the completion of the distraint procedure, i.e. collection of the receivables.

Value Adjustment and Written-off Receivables from Buyers

rrif - 12.2011, str. 22
The author of the article writes about the issue whether the receivables from buyers need value adjustment i.e. whether they should be written-off and the conditions under which the expenses for value adjustment of receivables from buyers or write-off could be recognized in view of taxation. According to the accounting standards the receivables from buyers are to be recorded per fair value, including value adjustment and write-off. The article presents the procedure of reducing the receivables to the fair value and recording of the value adjustment and written-off receivables from buyers in book-keeping, including their tax position.

Accounting of Reduction of Asset Value

rrif - 12.2011, str. 30
The value reduction of the company’s assets is performed in accordance with the specific information and estimates regarding the indicators which require the value reduction of the assets. In such a case it should be taken into account that the asset value is to be recorded according to the coverable amounts. The reduction of the asset value represents the expenditure of the period above the amount of the revaluation reserves formed for such assets. The author of the article presents the methods of estimating the coverable value of the fixed assets and goodwill.

Accounting of Investments into Main Herd – Dairy Cows

rrif - 12.2011, str. 37
The author of the article analyzes the accounting of the investments into the main herd – dairy cows, i.e. the initial and subsequent determination of their value according to the requirements of the IAS no. 41 and the IAS no. 16 i.e. the CFRS no. 17 and the CFRS no. 6 due to the fact that the investments into animals are connected with biological transormation. In such a case this represents the creation of the new biological assets, i.e. calves and the production of agricultural products – milk. The article explains the accounting of such forms of assets. It defines the procedures upon granting state subsidies for purchase and breeding of dairy cows.

Control Procedures upon Preparation of Financial Reports for 2011

rrif - 12.2011, str. 44
The authors of this article recommend to accountants to check whether they recorded the business events in the ledger on the basis of valid documents following the dates of their emergence according to the professional rules. The analytical records comprise the types of assets, the deadlines of settlement of liabilities and the nature of costs. Due to the fact that business events are recorded in accounting during the year, some of them not being completed, the mistakes are possible, including the changes of regulations. Therefore, before drawing up the annual financial reports it is advisable to check whether all the business events are recorded according to the accounting standards and regulations.

Foreign Currency Clause and Small Inventory

rrif - 12.2011, str. 92
This budgetary workshop presents and explains the recording of the following business events: foreign currency clause upon the purchase of long-term non-financial assets and the write-off of small inventory. If a foreign currency clause has been contracted upon the purchase of the long-term non-financial assets, the purchase costs cannot include the foreign currency exchange losses, since such a difference is included in the financial expenditure. The system of writing off small inventory is not directly determined by the regulations in the field of budgetary accounting. Therefore, it should be determined by the internal by-laws of the person who applies such an accounting system.

Collection of Payment by Credit Cards and Insecure Receivables

rrif - 12.2011, str. 93
This workshop presents the recording of the collection of payment by credit cards for the provided services and some procedures regarding the insecure receivables. Upon the collection of payment by credit cards the income of the service provider is not reduced by the calculated credit card fee nor the liability of value added tax payment, if the service provider is obliged to calculate and pay the VAT. The book-keeping of insecure receivables should be closely connected to the decisions made by the management od the non-profit organization.

Christmas Bonus and Gifts

rrif - 12.2011, str. 95
At Christmas time the employers traditionally give Christmas bonuses or gifts in kind to their employees, or give gifts to their children. According to the tax regulations the above stated tangible rights of employees can under certain conditions and up to certain amounts be paid tax free. The article states the conditions to be fulfilled by the employers upon such payments.

Who May Be and Who Is VAT Payer in 2012

rrif - 12.2011, str. 101
The basic criterion for entering the Register of VAT Payers by the force of law and the exit from it is the sum of the realized turnover in the previous year to the amount higher than 85,000.00 HRK. Despite the expectations this sum has not been changed compared to the previous years. Some enterprises will enter the VAT system voluntarily because in the previous year they did not exceed the amount of the realized turnover of 85,000.00 HRK. Exceptionally, enterprises may voluntarily enter the VAT system during the business year, however only before the first delivery of goods or services at the latest. The decision on the voluntary entering the Register of VAT Payers may be made at the end of the business year. The criteria for entering the VAT system or the exit from it have not been changed compared to the pervious year.

Receipts Which Do not Subject to Payment of Contributions

rrif - 12.2011, str. 108
The receipts which are taxed according to the regulations regarding the other income and the income from non-independent work principally subject to the calculation of contributions. However, in some cases, when the payments are made to pensioners, authors, students and alike, it is possible to effect such payments without the calculation of contributions. Upon exemption from payment of contributions the payers should present the evidence according to the corresponding regulations. The article presents the receipts which do not subject to payment of contributions and the procedures to be made by the payers in such cases.

Characteristics and Legal Consequences of Tax Expiry

rrif - 12.2011, str. 115
The expiry of tax liabilities and the expiry of the right to determination of the tax liabilities are specifically defined by the General Taxation Act, which differs from the liabilities in the commercial relations determined by the Act on Obligatory Relations. In some specific cases the Act on Obligatry Relations may be applied if it is not determined differently by the General Taxation Act. In this way the tax expiry is sufficiently determined. Besides defining the so-called relative and absolute tax expiry, the General Taxation Act provides the possibility of addition of the expired deadlines for determination and collection of tax liabilities, which gives a specific dimension to such a legal institute, different than the similar institutes of the commercial law.

Audit of Taxes, Contributions and Similar Payments

rrif - 12.2011, str. 125
The financial reports of enterprises contain the transactions and balances which refer to the liabilities to state institutions, presented mostly on the position of the liabilities in the balance sheet: liabilities for taxes, contributions and similar payments. The article analyzes the audit procedures of taxes, contributions and similar payments which are to be carried out by the auditor applying the corresponding auditing methods, i.e. the audit procedures of checking the reality and objectivity of the positions in the financial reports.

Joint Ventures – IFRS 11

rrif - 12.2011, str. 130
The author of the article presents the report on the operations of the International Financial Reporting Standards Board, which, among other standards, determined the IFRS no. 11 – Joint Ventures. The article presents the contents and application of this standard.

Obligatory Elements of Project for Non-refundable Assets

rrif - 12.2011, str. 132
Regardless of the type of the project for non-refundable assets, the domestic pre-accession IPA Programme or some of the EU programmes in Bruxelles, each project should have certain common elements. Each contest will define the goals and priorities of the project, the indicators of measuring the success of the programme and in some cases the target groups the applicants should comprise with their projects. Each contest will have a specific group of criteria for selection of the projects. However, the areas which are estimated are usually in their logics similar in every contest. Besides the criteria, each applicant should have certain capacities in order to realize the projects.

European Legislation in Budgetary Discipline, Tax Reforms and Audit Services

rrif - 12.2011, str. 135
The European Commission proposed the regulations on budgetary discipline, tax reforms and audit services. The goal of such new acts is to provide a stricter application of the Stability and Growth Pact, according to which the public debt of the sates is limited up to 60% of the domestic product and the budget deficit up to 3%. The article presents the proposals for the common determination of the specific regulations in the field of economy.

Deadlines of Settlement of Cash Liabilities from 1 January 2012

rrif - 12.2011, str. 140
The Croatian Parliament passed the Act on Deadlines of Settlement of Cash Liabilities, which becomes effective on 1 January 2012. This Act determines the deadlines of settlement of cash liabilities and the legal consequences of undue settlement. The author of the article explains the provisions of the new Act and compares them with the provisions of the Art. 174. of the Act on Obligatory Relations, which has determined such issues so far.

Escrow Account as Security of Payment

rrif - 12.2011, str. 145
In banking and other operations an escrow account represents the account on which one contract party in the commercial contract (client) in relation to the bank deposits cash, securities or documents. The bank is authorized to pay the deposited cash or to give the documents to another contract party (beneficiary) under the conditions determined between the escrow bank, the client and the beneficiary. In such a case the depositor waives the right to use the deposited cash or to have the documents on disposal until the conditions determined by the escrow contract have been fulfilled.

Recovery of Company before or after Bankruptcy

rrif - 12.2011, str. 153
The German weekly magazine for economy, tax, economy and labour law Der Betrieb no. 35 from 2 September 2011 published an interesting article which compares the advantages and disadvantages of the recovery according to the bankruptcy plan with a voluntary recovery. The comparison of the sucess of both procedures has shown that the recovery according to the bankruptcy plan should certainly be considered when it is likely that the creditors will not reach an agreement in the negotiations during the voluntary recovery. Besides, the recovery according to the bankruptcy plan puts on disposal the instruments which cannot be used within the voluntary recovery. Despite the fact that the text of the original article has been shortened in their minor elements, in order not to burden the readers with the German regulations, we hope you will find it interesting and illuminating in view of the recovery procedure of a company. It may also lead to a different approach to the recovery or the bankruptcy.

Changed Way of Taxation in Crafts Businesses

rrif - 12.2011, str. 159
Crafts businesses and other independent businesses, which are in view of taxation treated in the same way as crafts businesses and pay the income tax, are obliged to change the way of taxation from 1 January 2012 if they exceeded in 2011 at least one of the criteria regarding the total receipts, income and the average number of employees determined by the Profit Tax Act. Instead of paying the income tax they are obliged to pay the profit tax. Such an obligation lasts for the following 5 years. After expiration of this period they can again become income tax payers if they estimate that this is more favourable to them. They can change the way of taxation voluntarily, but always at the beginning of the year i.e. at the beginning of the accounting period. Due to the principles of taxation it is necessary to open the initial positions according to such principles at the beginning of the year. Such procedures are presented in the article.

Application for Lump Sum Taxation of Independent Businesses in 2012

rrif - 12.2011, str. 172
The physical persons who realize their receipts by performing the activities of the independent business – crafts business may choose the payment of the lump sum of the income tax and the sur-tax. They are obliged to submit the application to the Tax Administration in the RPO Form 15 days before expiration of the calender year at the latest. Upon the lump sum taxation the tax base of the income tax and sur-tax is determined in advance. There is no obligation to keep the business records, except the sales ledger. It is not possible to submit the annual tax return on the realized profit after expiration of the calender year as the accounting period. The article states the independent businesses which can be taxed by the lump sum, the deadlines of payment of lump sum tax, the determination and calculation of the liabilities for contributions and the procedures in the Tax Administration when the conditions for payment of the lump sum tax are not valid any more.

Conditions of Sales and Way of Labeling of Holiday Products

rrif - 12.2011, str. 178
The specific products are put on the market and bought during the holidays only: Christmas tree, Christmas decorations, decorative products and pyrotechnics. In order to improve the sales, during December the salesmen organize the promotional sales aimed at stimulating consumers to buy more (through advertisements, products on sale, promotional sales, etc.). The article stresses the basic and important conditions for performing a retail business and labeling the products which are mostly purchased during the forthcoming holidays.

Prevention of Money Laundering and Financing of Terrorism – Proposal of Forms and Records

rrif - 12.2011, str. 187
The application of the Act on Money Laundering and Financing of Terrorism has caused a number of dilemmas among its users. The Act determines the realization of measures and acts without any defined forms which would enable an easier realization of such acts. As a rule the contents of the specific measures and acts are stated, whereas the technique of the realization which would include certain forms is not determined. Accordingly, in order to make the application of the above stated Act easier the article presents a proposal of realization of certain measures and acts in the forms (tables) in order to fulfil the provisions of the Act more efficiently.

Employees’ Council, Explanation of Collective Agreement – Court Practice -

rrif - 12.2011, str. 196
Taking into consideration the importance of the court practice upon explanation and application of the legal norms this article presents the specific court decisions in the field of labour law. It also comprises the decisions made by the courts of lower instances (municipality courts, county courts), which are also important, especially when they are based on the valid and acceptable arguments. The article presents through the concrete court decisions the role and the way of work of the Employees’ Council as one of the tree basic ways of participating of employees in decision-making by employers. The other two ways are employees’ meetings and employee representatives in the employer’s organs.

When Distraint Procedure Becomes Court Procedure

rrif - 12.2011, str. 198
A distraint procedure begins with the forced collection of receivables from the debtor according to the valid documentation. However, the debtor too has certain rights guaranteed by the Constitution, such as the right to the unbiased decision regarding the rights and obligations of the parties made by the independent court in a reasonable period. In the case when the debtor made an appeal against the decision on distraint based on the valid documentation, the court procedure should follow before the collection of receivables, if any.

Ceding of Receivables (Cessions) in Case of Blocked Account

rrif - 12.2011, str. 203
The author of the article explains the term of cession i.e. the ceding of receivables as one of the ways of clearing payments and its various legal forms, presenting the samples of the contracts on the cession of receivables. The author specifically analyzes the issue of the forbidden ceding of the receivables in case of the blocked account of a business entity and the issue of the offence or the criminal responsibility of the participants in such a cession.

Visualization of Data in Business Reports

rrif - 12.2011, str. 214
The goal of each business report is to provide the information which enable to the management to make proper business decisions. Due to the fact that modern managers have little time to read and analyze various reports, it is very important that the information are presented in the corresponding way. The article provides the guidelines to those who prepare business reports and presents how to maximize the visual quality of reports and make their interpretation easier. The examples included in the article show how to avoid the most common mistakes which make reports incomprehensive to the readers.

Novi propisi

rrif - 12.2011, str. 218

Financijska kriza i stav struke

rrif - 12.2011, str. 225

Gospodarska kretanja u Hrvatskoj i EU

rrif - 12.2011, str. 227

Stručne informacije

rrif - 12.2011, str. 233
Hrvatski računovodstveni sustav HSFI, MRS, MSFI i Tumačenja (1)