REVALUATION OF TANGIBLE AND INTANGIBLE ASSETS – ACCOUNTING AND TAX IMPLICATIONS IN CROATIA

Ivana Drazic Lutilsky (), Martina Dragija () and Sanja Jurkoviæ
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Ivana Drazic Lutilsky: Faculty of Economics and Business, University of Zagreb
Martina Dragija: Faculty of Economics and Business, University of Zagreb
Sanja Jurkoviæ: Pricewaterhouse Coopers d.o.o.

Economy of eastern Croatia yesterday, today, tommorow, 2014, vol. 3, 604-615

Abstract: The aim of this paper was to research revaluation of tangible and intangible assets with special emphasis on accounting and tax treatment in the Republic of Croatia. Authors have done literature review and they investigatedrelevant accounting standards that regulate this area. According to that, this paper describes two different accounting models for recognition of revaluation gains and losses in case of tangible and intangible assets. Furthermore, this paper presents tax implications for revaluation of assets in the Republic of Croatia for the last twenty years. Moreover, authors have investigated application of fair value model for Croatian companies on a sample of 54 companies using simple random selection procedure and those results were compared with similar survey that the European Commission has done. Obtained data have indicated that most of Croatian companies is still using cost model for subsequent measure of tangible and intangible assets and the situation is the same in the European Union. The contribution of this paper is in the research of accounting and tax implications for revalued tangible and intangible assets as well as in the research of application of fair value model for mentioned types of assets.

Keywords: Revaluation; tangibleassets; intangibleassets; InternationalAccoutingStandards; cost model (search for similar items in EconPapers)
Date: 2014
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