The equity method is the accounting method which is applied in the case when the investor has a significant influence base on the investments in the specific affiliate. According to such a method the investor firstly records the investment according to the costs and subsequently corrects it by the corresponding profit or loss made by the affiliate. In the case when the affiliate makes a loss, which belongs to the investor and is higher than the invested amount, the investor does not recognize further losses. The investor recognizes a share in the other comprehensive income of the affiliate as his/her other comprehensive income. In the upstream and downstream transactions the investor should recognize the profit only in the part which belongs to the non-affiliated investors. Accordingly, the share in profit from such transactions should be eliminated. Upon the application of the equity method a goodwill may appear. It is not presented separately, but as a part of the investments.
The commission sales of goods is based on the contract on commission signed between the commission agent and the client. The commission agent should be a sales person, whereas the client can be an entrepreneur (a manufacturer or a sales person) or a citizen. The commission agent sells goods on his/her behalf on the account of the client. The goods can be sold in retail or wholesales. In view of the balance sheet and ownership right, the goods sold in commission remain in the ownership of the commission agent until it becomes the ownership of the client through the sales. The goods, taken over in commission, are recorded by the commission agent in the off-balance sheet records. After the goods have been sold and the calculation has been made, the goods are moved from the off-balance sheet records. After the goods have been sold, the commission agent delivers to the client the calculation, which may contain all the elements of the invoice. This is regarded as the self-issuing of the invoice by the commission agent. Accordingly, the commission agent recognizes the pre-tax and the client records the VAT liabilities. The article presents the specifics of the commission sales in which the client and the commission agent are domestic entrepreneurs – VAT payers.
Autor: Dr. sc. Đurđica JURIĆ , prof. vis. šk. i ovl. rač.
The new Rulebook on Packaging and Waste Packaging has in some parts changed the procedure of recording a refund for packaging. The obligations of the so-called small producers, who put on the market less packaging quantities than determined, are defined differently. The refund for packaging is still paid by the producers and importers on the account of the Croatian Environment Agency. Other participants in the sales of packed products record the refund as a temporary item, which is returned to the final consumer and the paid sum is compensated by the Croatian Environment Agency.
Autor: Dr. sc. Šime GUZIĆ , viši pred. i ovl. rač.
In their business practice entrepreneurs are frequently faced with the problem of recording the items and equipment of a small value, which are called small inventory and which are not used at once during the business process. The author of the article explains the accounting for small inventory on stocks and in use and the ways in which it is written off upon putting it in operation, including the procedure of writing off small inventory. All the stated issues are explained on the examples from the business practice.
Autor: Dr. sc. Tamara CIRKVENI FILIPOVIĆ , viši pred. i ovl. rač.
The dealers of second-hand motor vehicles in the VAT system may upon further sales apply a special procedure of the margin taxation or choose the regular taxation. The special procedure of margin taxation is principally more favourable for the dealer, but it includes some limitations of its application. The dealer may apply it upon the sales of second-hand goods which were previously purchased from the persons who are not tax-payers, or from the tax payers whose deliveries are VAT exempted, from a small tax payer or other dealers who apply the special procedure of margin taxation on second-hand goods. The dealer is obliged to keep special records for the VAT needs, including the PDV-MI Forms and the PDV-MU Forms. Besides the provisions of the VAT Act, the VAT Rulebook, the Act and the Rulebook on the Special Tax on Motor Vehicles, the dealers of the second-hand motor vehicles should be acquinted with the provisions of the Act on Sustainable Waste Disposal.
The accounting for financial assets is determined by the IAS - 32 Financial Instruments: Presentation, the IAS 39 - Financial Instruments: Recognition and Measurement, the IFRS 7 – Financial Instruments for large companies and listed companies and the CFRS 9 – Financial Assets for small and middle-sized companies. Upon acquisition, the financial assets are classified into the specific categories according to the book or fair values. When certain conditions have been fulfilled, the financial assets may be reclassified from one category into another one. The authors of the article explain the technique of reclassification of financial assets and present the accounting effects of such reclassification on the balance sheet and the profit and loss account.
Autori: Doc. dr. sc. Ivo MIJOČ Dina LIOVIĆ , mag.oec.
A pre-bankruptcy settlement is determined by the new Bankruptcy Act. The main goal of the pre-bankruptcy settlement is to re-organise the debtor’s business operations and to reduce the liabilities to the creditors. The entire procedure of the pre-bankruptcy settlement should be completed in 120 days, with the possibility to extend this deadline up to 90 days. In the new legal determination of the pre-bankruptcy settlement the debtor has a greater responsibility due to the fact that the entire proceedings are held at commercial courts. Accordingly, in the case of providing an untruthful and incomplete list of the assets and liabilities, the debtor is regarded as guilty as in the case of giving a false testimony at the court. After signing the pre-bankruptcy settlement, the business records of the creditor, unlike those of the debtor, are not corrected in terms of the balance sheet structure, neither the liquidity or solvency indicators, nor the cash flow.
Autori: Dr. sc. Vlasta ROŠKA , por. savj., ovl. rev. i ovl. rač. Sonja BORTAS
The written-off receivables for the compensation for utility services should be differentiated from the exemption of payment of the contributions for utility services due to the fact that they are recorded differently. The profit tax is recorded according to the Ruling obtained by the Tax Administration. This refers to the budget beneficiaries who perform economic activities and have made a taxable profit from such activities.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
One of the obligatory financial reports – Abridged Report on Income and Expenditures should be delivered by the organizations applying double-entry book-keeping for the period January to September 2015. The Report is to be submitted to the FINA until 20 October 2015. The changes of this Report, compared to the same one prepared in 2014, comprise the additional data on the AOP positions: 019 - the number of volunteers and 020 – the number of volunteering hours. Volunteers in this report comprise only the persons which are regarded as volunteers according to the Act on Volunteering.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
The proper placement of a non-profit organization in the business environment is a presumption for its successful performance. Besides the regulations according to which the organization was established and which have determined its framework of business operations, the corresponding tax and accounting regulations are equally important. The correctly defined accounting framework represents one of the pre-conditions for the regular supervision of the operations of the non-profit organization. It is checked for each business (calendar) year, is applied in this year and cannot be changed during the year. The basic source of information regarding the accounting framework to be applied by the specific non-profit organization is the Register of Non-Profit Organizations kept by the Ministry of Finance. The required data may be obtained on their websites.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
The assigned employees in Croatia are the employees sent to work by the employer with the headquarters in another country to the employer with the headquarters in Croatia. If such employees have been sent to Croatia by the employer with the headquarters in the European Union or by the employer with the headquarters in the country which Croatia signed the contract on social security with, they are engaged in the social security system of these countries. The employee coming from the EU member country proves his/her social status by the A1 certificate, whereas the employee coming from the country, which signed the contract on social security with Croatia, proves his/her status by the certificate, the contents of which are determined by the specific contract on social security. Accordingly, employees may be in the social security system only in one country and thus pay the contributions only in the country in which they have a status of the insured person. The tax on salary is calculated and paid according to the contract on avoidance of double taxation if Croatia has signed such a contract with the specific country or according to the regulations of the Republic of Croatia.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The taxation procedure in the case of the settlement out of court signed between the employee and the employer is specific in terms of the calculation of contributions, taxes and sur-taxes, interests and the way of recording liabilities in the JOPPD Form. The settlement out of court is regarded as the income from non-independent work and is calculated according to the regulations which were valid on the payment date.
A tax position of the services provided abroad depends on the type of the service and the tax position of the recipient of the service. In the case of taxation of the services provided by B2B (business to business), whereby it is not important whether the tax payers are from the EU, the third countries or the third areas, VAT is to be calculated by the recipient of the service. On the other hand, in view of the services provided by B2C (business to customers), which are provided to the persons who are not tax payers, the place of taxation is regarded the place in which the tax payer who provided the service has a headquarters. Besides the general principles, there are many exceptions, presented in this article.
The article provides a table of the application of the VAT exemptions for diplomatic missions, consulates, the institutions and bodies of the European Union and international organizations, depending on their headquarters, the place of delivery and the type of delivery. The article also presents an overview of the most important forms which should be delivered to the providers of goods and services and the authorized bodies, in order to obtain the right to the VAT exemption.
Autor: Dr. sc. Tamara CIRKVENI FILIPOVIĆ , viši pred. i ovl. rač.
Due to the need of the employer for the increased number of workers, there were dilemmas in the practice whether it is possible in such a case to sign a temporary service contract with the tax payer. The Labour Act regulates only the employment status which is based on the contract on permanent employment or the contract on temporary employment (full time or half time), whereas the Act on Obligations determines the possibility to sign a temporary service contract. These two types of contracts are substantially different. The receipts paid according to the temporary service contract are the receipts obtained for the performance of the specifically defined activities according to the contract. Such receipts are taxed according to the regulations regarding the another income and are to be paid on the giro account of the recipient.
The tax payers who recorded a re-invested profit in their profit tax return form for 2014 are obliged to submit the evidence on the increased share capital by the amount stated in the tax return form by the end of October. The deadline for the submission is fixed and can be extended in exceptional cases, only.
For the companies which are not in the banking sector i.e. in the financial non-banking sector, the sufficient evidence is that they recorded the part of the profit to be used to increase the share capital in their tax return form and that they have registered this sum at the commercial court as an increase of capital. Other profit tax payers (sole traders, crafts businesses, associations and other legal persons) may not record the tax relief for re-invested profit.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
A tariff procedure with wine is regulated by the Act on Tariffs and the Rulebook on Tariffs. Wine is a tariff product within the category of alcohol and alcoholic drinks. A tariff base on wine is one hectolitre of the finished product and the tariff amount on wine is HRK 0.00.
An entrepreneur who performs a wine business must make a business decision on the tariff status in which his/her company will operate. Upon entry in the Register of Tariff Payers an entrepreneur should know how to choose the way of doing business with tariff products, either in the system of delayed payment of tariffs or outside the system of delayed payment of tariffs.
The article presents a review of the publication The Most Relevant Taxes in International Comparison in 2014 in Croatian, prepared by the German Ministry of Finance. It contains a number of useful information for the analysis of fiscal policies in some countries. The compared data mostly comprise the EU member countries and a few developed countries (USA, Canada, Japan, Switzerland and Norway). The comparison refers to the collected data by the end of 2014. The announced and adopted measures in 2015 have not been included.
The assessment of the materiality represents a key tool to auditors. It helps them to determine a sufficient number and adequate evidence, in order to state their opinion in the financial statements. This article presents the criteria for materiality assessment upon auditing of financial statements, including the suggested documentation of the auditor to present the materiality.
Autori: Dr. sc. Vlasta ROŠKA , por. savj., ovl. rev. i ovl. rač. Branka GRABIĆ
1. Pristup
3. Zaključak
2. Utvrđivanje izvršenja obveze
3. Ugovorena obveza prema kupcima
4. Problem principala i agenta
5. Naplata naknade
6. Licencije
1. Finaliziraju se detalji oko poreza na financijske transakcije
2. Prikupljeno 168 milijarda eura manje od PDV-a
3. EK želi radikalne promjene u vezi s tržištem kapitala
4. EK utvrdio nezakonitosti kod talijanskih mjera države pomoći
5. Italija od 2016. uvodi e-račune
6. Konzultacije oko oporezivanja alkoholnih pića
7. Za inovativne ideje 36 milijuna eura
The main purpose of the bank guarantee is to secure the payment of the contracted liabilities. The bank which issued a guarantee is obliged to pay to the bank guarantee beneficiary a certain cash amount in the case of fulfilment of the conditions stated in the guarantee. The bank guarantee neither has the function of financing nor crediting or paying. The function of the bank guarantee is to secure the fulfilment of a certain liability. However, in some situations the bank guarantee may have a financing function. For example, it may guarantee the repayment of loans and other financial liabilities or in the case when the client has not fulfilled the corresponding obligations. This article explains the relations between the bank, the client and the bank guarantee beneficiary.
The new Bankruptcy Act (Official Gazette no. 71/15) determines the realization of the pre-bankruptcy settlement, as well. The creditors did not obtain any benefits which should contribute to the collection of their claims from the debtors. The position of the creditor is totally marginalized, whereas the debtors still have a privilege of being legally protected. The main principle of the protection of the creditors upon the collection of their claims has got lost in the labyrinth of the legal procedures and the bureaucratic approach in the attempt to make a recovery of the debtor. The role of the trustee or some other expert for finance and accounting, who could estimate the justifiability and the purpose of the pre-bankruptcy settlement, i.e. the person who could assess what is better for the creditors is not determined by the law. The article offers an expertise and the German practice regarding the estimate of the success of the recovery – pre-bankruptcy.
Autor: Dr. sc. Vlado BRKANIĆ , prof. vis. šk., ovl. rač. i ovl. rev.
Clearing payments represent a settlement of the mutual cash receivables and liabilities between the participants in payment transactions without the use of cash. Clearing payments comprise a compensation, a cession, an assignment, a reverse charge of the debt and other ways of the settlement of liabilities and receivables. This article mostly presents a cession and a compensation as the most frequent ways of clearing payments.
Customs quotas represent tariff concessions for the quantity of goods which was previously determined. The quotas are determined and managed by the Commission according to the common rules, in order to avoid any type of discrimination among the users. The way of distribution should ensure the provision and stability of the market of the Community.
The author of the article presents the new provisions in the Amendments to the Rulebook on the Contents and Way of Keeping Records on Employees, which became effective in September this year. According to the amendments two provisions were slightly changed. They refer to the recordings of the working time, including the beginning and end of the work and the duration of the daily and weekly rest. The Rulebook also introduced some new provisions regarding the working time of the persons who have contracted an independent arrangement of their working time.
Pitanja u vezi s naknadom štete u radnim sporovima te smanjenjem plaća radnika i tužbama na utvrđenje, između ostalih radnopravnih pitanja, učestala su u aktualnoj praksi. Stoga, o tim pitanjima detaljnije u nastavku, kroz prikaz konkretnih odluka sudova, s napomenom da su te sudske odluke aktualne i u primjeni sada važećeg Zakona o radu, Zakona o zaštiti na radu, Zakona o obveznim odnosima i Zakona o parničnom postupku.
1. Uvod
2. Odgovornost poslodavca za štetu koju su radnici pretrpjeli zbog ozljede na radu
3. Poslodavac nije ovlašten jednostrano smanjiti plaću radniku
4. Radnik nema pravni interes na podnošenje tužbe na utvrđenje dospjelosti prava na otpremninu
The contract on commission is a collectible, consensual, non-formal legal business, binding for both parties. In such a contract one party (commissionaire) is obliged to do one or a number of deals for the specific commission on behalf and account of the other party (client). The contract on commission is determined by the corresponding provisions of the Act on Obligations. Besides the term contract on commission, the relationship and the position of the parties, the above stated Act also determines the rights and obligations of the parties. The obligations of the commissionaire comprise the following: make business deals according to the conditions stated in the order, responsibility for damages, keeping and insurance of the goods, notification on the received goods, notification on the changes of goods, informing the client about the names of the sub-contractor, presenting invoices and guarantee for the sub-contractor. The client’s obligations include the payment of the commission, compensation of expenses and the advance payment, if required.
The author of this article presents from the viewpoint of the legal practice some issues referring to compensation (legal term off-set), the most frequent types of compensation and the basic characteristics of compensation. A compensation actually represents a termination of the obligations in the way that the mutual receivables are calculated between two legal entities. Such obligations are the result from two or more of their different obligatory relations. Thus, the two persons may simultaneously appear in two or more obligatory relations, but have the opposite roles in each of them, which means that a certain person will be a creditor to the particular person in one obligatory relation, whereas in another one this same person will be a debtor to the particular person.
The author of the article analyses some relevant issues regarding the institute of responsibility for damage (causing damage). In terms of law on obligations, the responsibility is the relationship in which one party is obliged to repair the damage caused to the other party who has the right to claim for such a repair. The emergence of the relationship of the responsibility for damage in terms of law on obligations requires the fulfilment of certain presumptions: the parties engaged in the relationship of the responsibility for damage, such as the party responsible for the damage, the party who claims for damages, the damage, the causality and the unlawfulness.
The article describes the specifics of the professions of an entrepreneur and a manager, their similarities and answers the question whether entrepreneurs can due to their specifics simultaneously be good managers and good entrepreneurs. The practice has shown that entrepreneurs are starters of business ventures, whereas managers successfully carry out and control the process. Managers sometimes decide to become entrepreneurs and initiate business ideas.
Amateur sports associations are regarded as persons determined by the regulations on catering activities. According to the corresponding legal regulations, presented in this article, they may perform catering activities and provide certain catering activities, although they are not primarily registered for such activities.
Regardless of whether they perform a catering activity or just provide certain catering activities, in which case it is considered that they do not perform a catering activity, they have to consider the corresponding legal framework.
1. Opći pregled
2. Cijene u RH i EU-u
3. Industrijska proizvodnja RH i EU-a
4. Građevinarstvo RH i EU-a
5. Vanjskotrgovinska razmjena
6. Trgovina na malo u RH i EU-u
7. Turizam
8. Plaće
9. Likvidnost i insolventnost
10. Zaposlenost i nezaposlenost RH i EU-a