Program:
Day I:
Bożena Lisiecka-Zając – Balance sheet aspects of financial statements
1. Accounting policy in the context of the Accounting Act and IAS/IFRS – the basis for preparing financial statements:
a) qualitative characteristics of financial statements,
b) the principle of economic substance – the basis for the reliability of financial information,
c) valuation of assets and liabilities at the balance sheet date,
d) impairment of assets – methods,
e) presentation of the statement (form, scope, and classification):
- balance sheet,
- profit and loss account, – cash flow statement,
- additional information, statement of changes in equity.
2. Inventory of assets as the basis for confirming their economic assessment for the entity’s going concern.
3. Selected issues and questions occurring in practice when preparing financial statements, concerning, among others:
a) fixed assets (classification and presentation, basis and methods of depreciation, etc.), with particular emphasis on fixed assets financed from EU funds,
b) leasing,
c) provisions for future liabilities,
d) provision for employee benefits,
e) accruals and deferrals of costs and revenues,
f) valuation of assets and liabilities expressed in foreign currencies,
g) valuation of operating receivables, including impairment write-downs,
h) financial assets – classification and valuation.
4. Events after the balance sheet date.
5. Discussion.
Day II:
Krzysztof Komorniczak – VAT and excise duty in the transport, forwarding, and logistics industry
1. The most important problems of the TSL industry (parking fees, documentation of the right to apply the 0% rate in international transport, re-invoicing of insurance, the moment of performance of the service vs. the moment of the tax obligation in VAT, and others).
2. Settlement of cash bonuses, incentives, etc., in VAT.
3. Annual corrective invoices in supply:
a) domestic,
b) intra-Community,
c) intra-Community acquisition of goods,
d) intra-Community supply of goods and import of services.
4. License fees, trademark fees, and other annual fees – import of services.
5. Corrections of VAT declarations regarding output and input tax.
6. Annual tax settlement according to the proportion and annual VAT correction.
7. The latest interpretations of the Ministry of Finance regarding VAT:
a) representation and advertising,
b) document entitling to the 0% rate for intra-Community supply of goods (WDT),
c) rules for converting amounts expressed in foreign currencies.
8. Questions.
Marcin Górski – Corporate Income Tax in the transport, forwarding, and logistics industry
1. Tax revenues:
a) rules for recognizing tax revenues from the provision of transport services,
b) rules for recognizing tax revenues from the provision of forwarding services,
c) rules for recognizing tax revenues from the provision of logistics services,
d) rules for recognizing revenues from rent, lease, and leasing (rent paid in arrears and rent paid in advance),
e) rules for recognizing tax revenues from re-invoicing utilities,
f) foreign exchange differences on receivables and liabilities, as well as foreign exchange differences on own funds expressed in foreign currencies,
g) settlement of foreign exchange differences in the case of set-off,
h) revenues from gratuitously acquired items and rights, as well as revenues from gratuitous services, partially gratuitous services, and revenues from the cancellation of liabilities,
i) revenues from the acquisition of shares or stocks in exchange for a non-cash contribution and for a cash contribution.
2. Tax-deductible costs:
a) definition of tax-deductible costs,
b) settlement of costs over time.
3. Specific rules for recognizing tax-deductible costs:
a) benefits for employees:
- remuneration from employment contracts, mandate contracts, and specific-task contracts as tax-deductible costs,
- settlement of per diems for business trips as tax-deductible costs, with particular emphasis on per diems paid to drivers,
- financing of health benefits for employees,
- benefits for members of the supervisory board, audit committee, shareholders, and stockholders.
b) receivables as tax-deductible costs:
- receivables written off as statute-barred,
- cancelled receivables,
- receivables written off as uncollectible,
- impairment write-downs as tax-deductible costs,
- losses from the sale of receivables.
c) representation and advertising.
4. Tax depreciation:
a) definition of fixed assets and intangible assets,
b) rules for determining the initial value of fixed assets and intangible assets,
c) renovation, improvement, and connection/disconnection of components and peripheral parts,
d) one-off depreciation write-offs,
e) losses in fixed assets.
5. Deduction of donations.
6. Revenues taxed at a flat rate:
a) rules for taxing dividends in light of changes to the Corporate Income Tax Act,
b) other revenues taxed at a flat rate:
- cancellation of shares and stocks,
- internal increase of share capital,
- division and merger of capital companies.
7.
Transactions between related entities:
a) definitions of related entities:
- capital ties,
- family ties,
- ties resulting from employment relationships,
- others.
b) methods for determining income in transactions between related entities:
- comparable uncontrolled price method,
- cost plus method,
- resale price method,
- transactional profit methods.
c)
basic rules regarding the conclusion of pricing agreements:
- entities entitled to submit an application for the conclusion of an agreement on the determination of transaction prices,
- authorities competent for concluding an agreement on the determination of transaction prices,
- procedure for filing and elements of the application for the conclusion of an agreement on the determination of transaction prices,
- decision regarding the agreement on the determination of transaction prices:
- rules for serving the decision,
- elements of the decision,
- validity period of the decision.
- change in economic conditions causing gross inadequacy of the choice and application of the method recognized as correct for determining the transaction price,
- rules for filing and the amount of the fee for the application regarding the agreement on the determination of transaction prices.
d) documentation of transactions between related entities:
- procedure for submitting documentation,
- elements of documentation,
- sanctions in case of lack of documentation.