Računovodstvo, revizija i financije

Računovodstvo, revizija i financije


DA u EU - Uvodnik

rrif - 2.2012, str. 15

Annual report for 2011

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Besides the annual financial reports, certain enterprises are obliged to prepare the annual report. The obligation of preparation and publishing the annual report is determined by the provisions of the Accounting Act and those of the Companies’ Act. The article presents the contents of the annual report, the person authorized to prepare it, including the form, the deadline and the institution it should be submitted to.

Specifics of annual account for 2011 in commercial activities

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Before performing the final recordings in the financial book-keeping and drawing up the financial reports a special attention should be paid to the particular business events, which are specific in the commercial activity. In order to properly recognize the income and expenditure, including their mutual interfacing, it is necessary to check the correctness of the recorded business events, such as e.g. those refering to the purchase and sales of commodities, advance payments, value adjustment of stocks, stock listing surpluses and deficits of commodities, etc. The inventory book-keeping ( according to the type, quantity and value) should be adjusted to the financial book-keeping (Ledger), in which the position and movement of commodities are recorded within the class 6 according to the value, only. The aim of this article is to stress some specific business events in the commercial activity, which essentially affect the annual account, in order to correct the possible mistakes and properly detrmine the business results before drawing up the financial reports.

Specifics of annual account in agriculture for 2011

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The preparation and completion of the annual account in agriculture require the performance of the usual activities, which are carried out in other fields too, such as the listing of assets, the calculation of depreciation, etc. In view of the accounting, the specifics of agricultural activities are reflected in the biological transformations i.e. the recognition of the new biological assets and the growth of such assets, the production of the agricultural products and the determination of their value as at the date of the balance sheet. Due to the fact that the agricultural activities are connected to the system of the state subsidies, which represents an important element in keeping their competitiveness, it is important to apply the determined accounting procedures regarding the recording of the state subsidies, depending on their purpose and fulfilling the conditions for their payment in accordance with the requirements of the accounting standards.

Specifics of annual account of costs of production for 2011

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All the calculations of the production represent the result of the work done and the materials used in the production process. The basis of the production calculation represents the data on the costs entered in the valid business records. Therefore, the co-operation between the sector for calculation of production and the book-keeping sector. The basis for the calculation of production are the book-keeping records on the collected production costs. If the calculation of the production is used for recording of the stocks in the balance sheet according to the IAS 2 or CFRS 10 and the accounting policies, the calculation of the production is to be carried out according to the methods and procedures determined by the above stated standards.

Specifics of annual accounts in construction activity for 2011

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Upon preparation of the annual financial reports in the construction business is important to pay attention to some specifics regarding the recognition of income and expenditure i.e. the determination of the business results. This is especially important in with the service constructors who have to determine whether the result of the contract signed in 2011 can be estimated, since it was not fulfilled as at the date of the balance sheet. The constructors, who are also investors, should particulary consider the distribution of costs and check-up whether all the expenses, which can directly be assigned to such a property, have been included in the value of the land and the building. Equally, the distribution of the same expenses should be checked up with the constructors who are investors only. Besides, all the constructors who sell real estate and who signed the contracts on sales of the real estate in 2011 should determine whether the conditions for recognition of the income from the sales of real estate have been fulfilled. In view of taxation, investors should check up whether the conditions for the deduction of the prepaid tax for the received works have been fulfilled, whereas the contractors and the real estate sellers should see if they have any VAT liabilities for the delivered works and buildings.

Specifics of annual account in service providing activities for 2011

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The entrepreneurs who provide services, sell their services or implement spare parts or provide maintenance services, are usually engaged in sales activities too. In terms of accounting, the recording of such business events comprise a slightly wider recognition of the calculation elements, warehousing, tax regulations and cash transactions. The article presents some solutions in view of the taxation and preparation of the balance sheet, which differ from other activities and which should be considered upon recording the business events in 2011.

Preparation of annual account for 2011 for activities of providing accommodation services, preparation and serving of food

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The preparation of the annual account for the activities of providing accommodation services, preparation and serving of food for 2011 does not differ from the preparation of the annual account in the previous year. The specifics of such activities do not only comprise a special way of providing services, which are determined by the Act on Catering Activities, but also a specific VAT rate of 10% for provision of accommodation services, In accounting they should be recorded as service providing activities with the elements of production. The annual listing (stock-taking) is also a little more complex due to the different phases of the stocks of raw materials and materials (storing, processing, re-processing, defreezing, warming, etc.) The article presents the most important issues regarding the control and preparation of the annual account for these activities.

Financial reports for road transport companies

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The transport companies keep their business records and prepare their financial reports in accordance with the Accounting Act and the corresponding accounting standards, depending on whether they are classified as large, middle-sized or small companies. The transportation activities are specific, depending on the goods they transport and the vehicles they use. The article presents some specifics of the business events characteristic of such business activities, including the final recordings upon drawing up financial reports.

Specifics in annual account of utility companies and other beneficiaries of state subsidies for 2011

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The state subsidies are aimed at supporting the activities which are of the general importance for the society. The beneficiaries use them for the purchase of fixed assets or covering the current expenses, depending on their purpose. The state subsidies granted to utility companies are primarily aimed at financing the construction of the utility infrastructure and partially at financing of the regular business operations. The different tax and accounting status of the state subsidies depends on the fact whether the company provides a counter-service or not. The article presents the specifics of the annual account of the utility companies and other companies which receive the state subsidies.

Long term non-financial assets and recognition of prepaid tax

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This workshop of budgetary accounting analyzes the recordings of the business events regarding the purchase of long-term non-financial assets and the recognition of the prepaid value added tax by budget beneficiaries. A special attention is paid to the criterion of differentiating the objects belonging to the fixed assets and the objects belonging to the inventory in the short-term assets. Besides the examples of recording the value added tax, the article also explains the conditions of recognition of the prepaid tax depending on the date of the issued invoice, the date of taking over the package and payment of the invoice.

Accruals in non-profit organizations

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In accordance with the provisions of the Directive on Accounting in Non-profit Organizations non-profit legal persons are obliged to present the accurate result of business operations (surplus or deficit of income) for the specific accounting (reporting) period, i.e. in the period for which the financial reports have been prepared. Due to the fact that the non-profit legal persons are obliged to prepare and submit their financial reports quarterly and annually, it should be taken into account that at the end of the accounting period the realized income should be interfaced with the corresponding expenditure in the accounting period for wihich the financial report has been prepared. In case of the expenditure paid in advance, which do not refer to the specific accounting period or the expenditure which belong to the specific accounting period but their collection was not due in this period or the invoices were not issued according to the Directive on Accounting in Non-profit Organizations, we talk about the accruals.

Salaries of workers with right to accelerated pension plan

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The employees working on the posts where their life and health are in danger and the disabled persons who have a certain degree of disability have the right to the accelerated pension plan. For instance, 12 months of service (insured) are calculated as 14, 15, 16 or 18 months of pension insurance, which depends on the work they perform determined by the specific regulations. Such a right is obtained according to the registration of the worker at the pension insurance, which is to be made by the employer upon employing the worker on such a specific post, whereby the employer is obliged to state such a specific post. The registration is to be made in the M-lP Form, whereas the changed working post is to be registred in the M-3P Form. The article presents the working posts with the right to the accelerated pension plan.

Income tax return of citizens in 2011

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The payment of the income tax in the Republic of Croatia is determined by the Income Tax Act and the Rulebook on Income Tax. The income tax payers are all the physical persons (citizens) regardless of their age, gender, nationality, political orientation or citizenship, if they make receipts from any source in the Republic of Croatia. Upon payment of salaries to employed persons the income tax is automatically paid, which is considered as the final tax payment. The tax return is to be submitted by the persons who determine their income according to the business records, the persons who received the income from abroad in case the tax has not been paid according to the Croatian regulations and the employees who were simultaneously employed by two employers in 2011 as well as the seamen in international navigation. Other citizens just have the right to submit a tax return if they have determined that the tax has due to some reasons been overpaid.

Annual income tax return for seamen for 2011

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The annual income tax return is to be submitted by all the crew members of the ship in international navigation – the seamen who realized their income from non-independent work on board during 2011. The income tax return is to be delivered in the DOH Form, regardless of the number of days spent on board. The article presents the procedure of filling in the DOH Fprm for the income tax return for seamen.

Final calculation of vat for 2011 for profit makers and income makers

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The obligation of preparing the final VAT calculation is determined by the VAT Act and the Rulebook on VAT. The final VAT calculation is prepared in the PDV-K Form, whose contents is the same as the one for the previous year. Deadlines of its submission have also remained the same. It is submitted to the authorized office of the Tax Administration according to the headquarters of the tax payer. The profit makers should submit the Form until the end of April 2012 at the latest and the income makers until the end of February 2012 at the latest. The enterprises which closed their business during 2011 should already have submitted the final calculation of VAT in the PDV-K Form within three months since completion of their business operations. The article presents the procedure of the final calculation of VAT for 2011 by the sole traders who are obliged to pay either the profit tax or the income tax.

Supervision and quality control of audit firms

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The operations of audit companies and independent auditors subject to the supervision of the quality of the performed audit. The supervision of the audit companies is carried out by the Croatian Chamber of Auditors. Besides the Chamber, the members of the Board for Public Supervision of Audit participate in the procedures of making regulations, thus being engaged in the supervision of the Chamber and audit companies. The article presents the procedure of the supervision, the measures after the supervision and the results of the supervision of audit companies, independent auditors and certified auditors in 2010/11, including the plans for the supervision to be carried out in 2011/12.

IAS 36 — Impairment of assets

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The revised IAS 36 has been developed within the framework of the complete project of business combinations. The goal was to improve the quality and to reduce the differences in the accounting of business combinations, including the accounting of the goodwill and the intangible assets acquired in business combinations. The project had two phases: in the first phase the IFRS 3, the business combinations and the revised version of the IAS 36 and 38, Intangible assets were published. In the second phase of the project the revised IFRS 3 and the amendment to the IAS 27 – Consolidated and Individual Financial Reports were published simultaneously. The Board tried to include in the IAS 36 only the changes which refer to the business combinations, without taking into account the other provisions of the IAS 36. The changes in this standard primarily refer to the test of reduction of the goodwill value.

Competition for obtaining non-refundable assets of eu for strengthening competitiveness of small and middle-sized enterprises

rrif - 2.2012, str. 177
Within the framework of the IPA pre-accession programme, III C Component – Regional Competitiveness a tender was published for obtaining the non-refundable assets under the title Support of Strengthening Competitiveness of Small and Middle-sized Enterprises. The tender was published on the websites of the Central Agency for Financing and Contracting the Programmes and Projects of the European Union. The article presents the procedure and the contents of the tender for obtaining the non-refundable assets. It stresses the conditions of the tender and the types of activities of potential competitors.

Adopted EU budget for 2012, reform of VAT system, ventrue capital and others

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The European Parliament adopted the EU budget for 2012 and passed the resolution on recognition of qualifications. The EU top officials have agreed on the procedure of strengthening of the budgetary discipline. The European Commission initiated the reform of the VAT system, proposed the unique rules for the European entrepreneurial capital, initiated the financing of social companies, including the determination of the minimum salary and other current issues essential for the economy.

Relation between entities obliged to apply act and office for prevention of money laundering

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The Office for Prevention of Money Laundering is a specific organizational unit established within the Ministry of Finance, which has specific tasks and obligations according to the Act on Prevention of Money Laundering and Financing of Terrorism. The entities obliged to apply the above stated Act have to fulfil the obligations to the Office, so that the Office could meet its legal obligations. Under certain circumstances the Office may make claims from the parties who are not obliged to apply the above stated Act. The article presents an overview of the main relations between the entities obliged to apply the above stated Act and the Office and some relations between the Office and the parties who are not obliged to apply the above stated Act.

New rules of international chamber of commerce INCOTERMS® 2010 and their influence on customs value of goods

rrif - 2.2012, str. 188
Since the new rules of the International Chamber of Commerce INCOTERMS® 2010 regarding the use of the domestic and international commercial terms became effective on 1 January 2011, there are a number of questions regarding their application by the importers. These questions refer mostly to which part of the transportation costs should be added to the price of goods in the seller’s invoice in order to get the customs value of the goods. The article provides the explanation of the new rules applied upon import.

Annual report on other credit operations abroad

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As the most companies and institutions which co-operate with foreign companies already know, they are obliged to inform the Croatian National Bank on their foreign business operations under various conditions, in numerous ways and in a number of reports. Such obligations are determined by the Act on the Croatian National Bank, the Act on Foreign Currency Operations, the Act on Official Statistics, the Act on Credit Institutions, the Act on Payment Transactions, as well as a number of by-laws (decisions, directives, instructions) which define in more details the types of reports, the ways of reporting and the companies obliged to submit such reports. One of the obligatory reports on other credit operations abroad is the Annual report on other credit operations (GOD-INOK), which is to be submitted until 30 April 2012.

Custom points of view of imports of certain goods

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The import of the goods of the specific status or purpose subjects to the special regulations regarding the payment of customs duties and the trade regulations. The article explains the customs position of the import of advertising materials, samples and duty free import.

Contributions to chamber of trades in 2012

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The Croatian Chamber of Trade presented the new Excerpt from the decision on lump-sum payment of the contributions for 2012. The sole traders and other obliged entities pay the contribution in a lump-sum in the percentage of the income i.e. the profit. The obligation of payment of contributions arises on the date of entry into the trade register and seizes on the date of their deleting from the register. The entities obliged to pay the contribution to the Chamber of Trade should have a crafts licence issued by the competent county office for economy i.e. the Office for Economy of the City of Zagreb. Such an entity is then entered into the Register of crafts businesses, due to the fact that the membership in the Croatian Chamber of Trade is obligatory. The entities who have received the permit to perform their activities by some other bodies in the Republic of Croatia are not obliged to pay the contribution. The article presents the procedure of calculating and paying the contribution to the chambers of trade.

Right to child’s allowance

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According to the Income Tax Act a child’s allowance is a cash receipt which is not regarded an income and is used by the parent or the beneficiary of the child’s allowance as an aid for their support. The beneficiary of the child’s allowance can be a parent, a foster parent, a custodian, step-father, step-mother, grandmother, grandfather or the person who raises and takes care of the child according to the decision made by the authorized body for social care. The beneficiary of the child’s allowance can be the child of full age without both parents who regularly attends school. The article presents the regulations regarding the rights to the child’s allowance and the way of its payment.

Termination of employment due to business circumstances

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Due to the economic crisis employers are forced to reduce the volume of their business operations and the expenses of their operations. This is usually done by the termination of the contract on employment due to the economic, technological and organizational reasons, since the need for the activities performed by a certain employee does not exist any more. Accordingly, the employer has the possibility to terminate the contract on employment due to business circumstances taking into consideration the conditions and the ways determined by the Labour Act.

Zanimljivosti iz stranog tiska - Drukčiji pogled na Njemačku

rrif - 2.2012, str. 211
U obilju tekstova ispisanih na temu gospodarske, a posebice financijske krize, pažnju nam je privukao jedan u nizu članaka poznatog novinara i publicista Michaela Lewisa objavljenih u američkom časopisu Vanity Fair koji se u potrazi za odgovorom na pitanje kako je počela financijska kriza otisnuo u Europu i pozabavio Islandom, Irskom, Grčkom i Njemačkom. Dok su tekstovi o prve tri zemlje doživljeni duhovitima, analiza Njemačke po mnogima je površan tekst, a tek nekolicini zabavno štivo koje nemilosrdnim jezikom i neuvijenim riječima ipak otkriva mnogo toga zanimljivog. Očekivano, među Nijemcima članak je izazvao buru negodovanja.

Novi propisi

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Stručne informacije

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Gospodarska kretanja u Hrvatskoj i EU

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1. Poslovanje u EU i svijetu
2. Cijene
3. Proizvođačke cijene industrije
4. Industrijska proizvodnja
5. Vanjskotrgovinska razmjena
6. Trgovina na malo
7. Turizam
8. Plaće
9. Likvidnost i solventnost
10. Zaposlenost i nezaposlenost
Hrvatski računovodstveni sustav HSFI, MRS, MSFI i Tumačenja (1)