ࡱ> 46-./0123'`bjbj$$ 4FFߓ0%( L8QQQQ8Q"l6"XXXqqq`bbbbbb$h7XQqTTXXEg T0XQX``&,>QjX` 3ŰXj R4 }0BhjjQ q;˨t?Uqqq@dqqqQQQQQQQQQTTTTTT Prof.dr.sc. Branka Ramljak Sveu iliate u Splitu, Ekonomski fakultet e-mail:  HYPERLINK "mailto:bramljak@efst.hr" bramljak@efst.hr telefon: 021/ 430-611 Dr.sc. Paako Ani  Anti Centar za ra unovodstvo d.o.o., Zagreb e-mail:  HYPERLINK "mailto:pasko.anic-antic@zg.htnet.hr" pasko.anic-antic@zg.htnet.hr telefon: 01/3860-632 ECONOMIC PRINCIPLES OF ASSET EVALUATION IN FAIR AND OBJECTIVE REPORTING ON NET ASSET VALUE CASE OF CROATIA Key words: financial statements, International Accounting Standards, asset evaluation, net asset value, fair and objective reporting ABSTRACT Company financial statements record and present all financial effects of transactions related to assets, capital, liabilities, expenses and revenues. These elements should reveal real flow of transactions in a company resulting in fair and objective presentation. In this way financial reporting achieves its basic aim of providing various users with information on the company financial position, performance, and changes in financial position. This work highlights the financial position of the company presented in the Balance Sheet by asset, capital, and liabilities, and in the Profit and Loss Account by expenditures and revenues. Special focus is on the assets as resource controlled by the company which results from previous transactions and is expected to generate the future inflow of economic benefits. However, adhering to accounting principles in asset recognition and evaluation does not necessarily lead to fair and objective presentation in financial statements. In the same way, profit taxation is monitored in order to discover possible discrepancies and differences between accounting and taxable profit. In legal systems in which accounting principles for determining accounting profit before taxation are consistent with taxation principles used to determine the basis for recognition of the current period tax liability, the determined tax expense is also shown in the Profit and Loss Account as the item to be deducted from pre-tax profit. It can be said that such cases are rare and ideal. On the other hand, a more frequent situation occurs when accounting principles are not in compliance with the taxation principles for determining the tax base in the same accounting period. Such is the case in Croatia. In economies in which temporary differences occur due to noncompliance of accounting principles and tax regulations, the effective tax rate is not identical to its nominal rate (can be either higher or lower). However, application of principles IAS 12 Tax Profit allows reduction of effective tax rate to its nominal rate with which distribution result has to be charged (in temporary differences) and thus also the amount of net profit for distribution. The real economic consequence of temporary differences whose tax effects are not comprised according to the IAS 12 principles is underestimation or overestimation of profit after taxation. Overestimated or underestimated profit in the year in which the temporary difference arise means under- or overestimated capital, i.e. under- or overestimated net assets (with all the eventual financial effects on the volume and structure of profit distribution). In fact, the eventual consequence is that financial statements are neither fair nor objective. According to the Framework for Preparation and Presentation of Financial Statements and IAS 1 financial statements must be fair and truthful in presentation of financial position and performance. This means total rather than partial comprehension of transaction effects (including temporary differences). The consequence of partial comprehension of business transactions will be hiding or overestimation of their financial effects, both of which is contrary to the requirement for objective and truthful financial reporting. 1. INTRODUCTION As the authors come from Croatia whose economy is currently in recession this work is to be a contribution in terms of ways in which accounting can help an economy cope with it. The Croatian accounting system has to protect Croatian economy in recession conditions. This work will highlight the process of financial reporting focusing on fair and objective presentation of financial position and performance. The intention is to eliminate the possibility of discrepancies, differences as well as manipulations in presenting static (assets, capital, liabilities) and dynamic (revenues, expenses, and financial result) elements of financial reporting. As the area of financial reporting is very wide this work will concentrate on accounting principles that are frequently misinterpreted and misused in practice and that refer to ex-post long-lived asset evaluation and which are regulated by IAS 36 Impairment of Assets, IAS 27 Consolidated financial statements, IAS 28 Investments in Associates, IAS 31 Interests in Joint Ventures, IAS 16 Property, Plant and Equipment, and IAS 40 Investment Property. This study will also deal with temporary differences focusing particularly on principles stated in IAS 12 Profit Tax and observing the economies in which these differences may arise due to the legal framework. Disregard of principles that regulate this area generates financial statements that are not fair and objective containing information on company financial position and power that can be misleading for decision makers in financial markets. 2. BASIC CHARACTERISTICS OF CROATIAN ACCOUNTING SYSTEM The Croatian accounting system is based on the Accounting Act that regulates the issues on legal entities bound by it, business records, accounting documents, etc. The central section of the Act deals with financial reporting of entrepreneurs in Croatia. The process of financial reporting is harmonized and standardised. Large companies have to prepare their financial statements in compliance with International Financial Reporting Standards and International Accounting Standards, while small and medium sized enterprises apply Croatian Financial Reporting Standards. The development of capital market and inclusion of Croatian economy into global economic flows made the application of IFRS/IAS necessary thus making Croatia part of the international accounting community. Croatian economy is currently in recession. Economic activities are slowed down and the general economic climate is deteriorating which is evident through the decline of real income, increasing unemployment, low level of production capacity utilization, etc. The question posed here is in which way accounting principles, standards, policies and techniques can help overcome this situation. One of the functions of accounting should be to protect the economy from recession, which can only be achieved by application of the basic accounting principles of fair and objective reporting on company financial position and performance. ''Financial statements fairly present the entity's financial position, financial result and financial flows. Fair presentation requires truthful evidence of transactions effects in compliance with definitions and criteria for recognition of assets, liabilities, revenues and expenses established in the Framework. The application of IFRS, with additional publications when necessary, assumes the financial reporting result that is achieved by fair presentation. The subjects whose financial reports are in compliance with the IFRS will explicitly and unreservedly state so in the Notes. Financial statements are not described as complying with IFRS unless they comply with all the IFRS requirements.'' Accounting standards were first introduced in the Croatian accounting system in 1993. Since then they have been constantly changed and amended within the IAS, which is logical because they follow the changes in business and adapt to the new conditions always insisting on the objective presentation that will allow the users of accounting information to understand financial statements. Finally, it can be stated that in the past standards used to be less demanding in comparison to the present ones. Constant alterations make pressure on accountants to undergo continuous training as preparation and publishing of financial statements is a very complex and demanding job. In view of its imminent accession to the EU Croatia has to adapt to the accounting laws of the EU. It has to be noted that the EU countries still apply Directives, and in the context of this study we primarily focus on the Directives IV and VII referring to financial reporting by public companies and companies that prepare consolidated financial reports. Due to that Croatian adaptation will be complicated as the application of IFRS is inbuilt in our accounting system and we also want to accept the Directives. There are, namely, some differences between the IFRS and the EU Directives. The Directives are regulations, or legal framework, valid in the EU, while IFRS/IAS are accounting standards whose acceptance is under jurisdiction of each national economy. 3. EX POST EVALUATION OF ASSETS IN THE FUNCTION OF OBJECTIVE FINANCIAL REPORTING Assets have to be presented in the Balance Sheet in the amount of their economic value without being underestimated (if containing hidden profits) or overestimated (if containing hidden losses). This means that the long-lived assets recognized in the Balance Sheet must not exceed their recoverable value, while the short-lived assets must not exceed their fair value that can be achieved in the regular transaction between two interested and independent parties about to strike a deal. The value of an asset has to be reduced when its bookkeeping value exceeds its recoverable amount. This means that the asset recognized in the Balance Sheet will not be overestimated, i.e. it will not contain hidden losses. The assets recognized in financial statements must be recognized according to the economic principles of evaluation. However, it has to be noted that economic principles of evaluation are often not consistent with accounting principles stated by the international accounting standards. On the other hand, this means that compliance with accounting principles of recognition and evaluation may not at the same time be fair and objective presentation of assets recognized in financial statements. 3.1. Specific principles of ex post evaluation of long-lived assets The principles determining the value of long-lived assets recognized in the Balance Sheet are prescribed by the IAS 36 - Impairment of Assets. This standard is applied in the financial assets recorded as the dependent entity (IAS 27 Consolidated Financial Statements), associated entity (IAS 28 Investments in Associates) and joint ventures (IAS 31 Interests in Joint ventures), as well as in plants, property and equipment (IAS 16 Property, plant and equipment, IAS 40 Property Investments). This standard is also applied in financial assets measured ex post according to the depreciated cost and acquisition cost (non-quoted equity) and financial assets sorted into the following portfolios: 'loans and receivables', 'available for sale', and 'pending maturity'. 3.1.1. Value adjustment of long-lived intangible assets Intangible assets can be valued ex post according to the a) cost model (acquisition cost reduced by accumulated depreciation and accumulated impairment losses) and according to the b) revaluation model (fair value determined in the active market). It frequently happens that a company chooses the revaluation model and then cannot revaluate an asset because there is no active market for it. In such a case IAS 38 Intangible Assets provides the possibility of determining fair value, which can be determined in the amount that the entity would pay for it on the acquisition date to an unrelated party. Nevertheless, the standard allows another method usable in practice which is c) net cash flow current value method. When projecting the future cash flows the company has to evaluate them in terms of assets in current condition (without calculating expenses for possible restructuring or improvement, i.e. additional investment into them). Also, cash flows need not contain inflows/outflows from financial activities, or profit tax payment/refund. The future cash flows are determined on the pre-tax basis. The cash flows projections have to be based on financial development plans based on the company management forecast for the period not longer than five years. It is exactly this fact that allows management subjectivity in cash flows projection and thus also anticipation of future profits or losses, which entails unrealistic and subjective financial reporting. It is to be noted that the company has to be tested annually for impairment of intangible assets with unlimited useful life or intangible assets still unavailable for use, as well as the goodwill resulting from business combinations. Impairment test should be carried out at the same time each year (comparability principle). If there is an indicator that the recoverable value of some asset is lower than its accounting value, than the latter has to be reduced to the former (loss by value adjustment). If the asset has a limited useful life this shows that the remaining useful life, depreciation method, or residual value are not consistent with its economic value and that other corrections are necessary, i.e. procedures in accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. Consequently, it can be concluded that in determining parameters (useful life) needed for ex post evaluation of the asset, in order to achieve fair and objective financial reporting, company management has to be objective and act as a prudent and dilligent master. 3.1.2. Value adjustment of long-lived tangible assets Tangible asset has a physical form and its initial recognition (like all other forms of assets) relies on the future economic benefit flowing into the company directly or indirectly due to it, and on the possibility of measurement of its acquisition cost. The benefit can be in the form of cash or cash equivalent inflow, reduction of cash or cash equivalent outflow, exchange for another asset, its use for settlement of liabilities, or distribution to owners. Ex post evaluation of plant, property and equipment is conducted by cost method or revaluation method. By cost method the company recognizes plant, property or equipment at their acquisition cost impaired by accumulated depreciation and accumulated impairment losses. Depreciation should be calculated for every single part of property, plant and equipment that is significant for its total cost and that generally has its own useful life. Depreciation represents an expense in the accounting period unless it is capitalized to build another asset or into inventories. According to accounting principles asset depreciation starts when the asset is ready for use in location and in conditions needed for the intended use no matter whether it is used in the period in which it is available for use or is idle (often in the period immediately after purchase or before disposal or reclassification into disposable asset). Consequently, depreciation is calculated even on those assets that are currently not used (e.g. idle due to current disruptions in the sales market) and are not reclassified as long-lived disposable assets, and which are expected to yield benefits in future periods. The reason for that is that assets are becoming outdated no matter whether they are currently used. Whether an asset is temporarily or permanently idle should be based on the management decision on giving up the intended production due to which the asset is proclaimed out of use or is reclassified as ''held for sale'' and measured in compliance with the principles comprised in IFRS 5 Long-Lived Assets Held for Sale. The value of some asset is impaired when the carrying amount exceeds its recoverable amount. Recoverable amount is measured at net sales price (sales price reduced by costs to sell) and value in use, depending on which is higher. Value in use is the estimated value of net cash flows from the going use of the asset and its eventual sale at an appropriate discount rate. IAS 36 requires official estimation of recoverable amount when there is indication that the asset may be impaired or the impairment loss is reduced or non-existent. It is carried out by impairment testing. Therefore it can be concluded that for the official estimation of recoverable amount the most important issue is the management recognition based on external or internal information sources that the equipment, property or plant will not meet the management expectations in terms of effects intended by that asset. That means that there is realistic possibility to proclaim the asset out of use, sell it due to activity discontinuance or restructuring, or that it is intended for sale before the anticipated date. If the recoverable amount is lower than the carrying amount, the latter will be reduced to the former which will be the asset impairment loss recorded as the expense shown in the Profit and Loss Account. ''After recognizing asset impairment loss, depreciation of that asset has to be adjusted in future periods by systematically distributing its residual carrying amount for the entire period of its remaining useful life.'' If in the subsequent periods there is another increase in the net accounting value, then the asset impairment loss is reversed. Impairment reversal should not exceed the asset net value as if the previous impairment loss has not occurred. Impairment loss reversal is recognized as income. If the impaired asset had been revaluated, the impairment loss is charged to revaluation reserves up to the amount at which the impairment loss reverses the amount of revaluation reserves. If the recoverable value of an asset of limited useful life is lower than its carrying value, it indicates that the remaining useful life, depreciation method or residual value are appropriate to the economic value and that additional corrections are necessary in compliance with the IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 3.1.2.1. Value adjustment of financial asset held to maturity Financial asset positioned in ''to maturity'' portfolio is a non-derivative financial asset with fixed or determinable amount and fixed maturity, which the company intends to hold to maturity. Ex post measurement of bonds positioned in ''to maturity'' portfolio is conducted at depreciated cost applying the effective interest rate. Depreciated cost of financial asset is the amount at which it is initially measured (investment cost) corrected by equity repayments and premium depreciation or discount arising at asset acquisition. Example: Purchase of bond at a discount positioned in ''to maturity'' portfolio A company purchases a discounted RH bond and categorizes it as ''investment held to maturity''. The principal is repaid at maturity. The data on the investment are given in the Table 1: Table 1. Consequences of investment in discounted bonds positioned in ''to maturity'' portfolio PeriodCash flowsNo of daysDepreciated cost at the beginning of the period (carrying amount of investment)Earnings from interestReceivables from interestDepreciated cost at the end of the period (carrying amount of investment))Discount (depreciation)Discount - residue0 1 2 3 4 (3 * eks)5 (nom.v. x nom.interest)6(3+4-5)7 (6-3)8 31.12.08.-9.400.000,00 0 9.400.000,00 09.400.000,00 0,00 600.000,00 31.12.09.525.000,00 365 9.400.000,00 659.661,17 525.000,00 9.534.661,17 134.661,17 465.338,83 31.12.10.525.000,00 365 9.534.661,17 669.111,25 525.000,00 9.678.772,42 144.111,25 321.227,58 31.12.11.525.000,00 365 9.678.772,42 679.224,50 525.000,00 9.832.996,92 154.224,50 167.003,08 31.12.12.10.525.000,00 366 9.832.996,92 692.003,08 525.000,00 10.000.000,00 167.003,08 0,00 EIR7,02%  At the end of each operating year it is necessary to adjust long-term investments into bonds by comparing the depreciated cost of investment into the bond and its recoverable amount, i.e. its current value discounted by the effective interest rate (impairment test). The cost of value adjustment is recognized as the current period expense. The difference by which the accounting value has to be adjusted (impaired), and which comprises the depreciated cost up to the recoverable amount, is recognized as asset impairment and is shown in the Profit and Loss Account. Adjustment to recoverable value can be seen in the Table 2. It has to be stated that Table 2. Adjustment to recoverable value YearNominal value (revenue at the end of the period)Discount factorCurrent value (recoverable amount)Depreciation cost Adjustment (cumulative) Non-realized profit/loss  0 1 2 3 (1x 2)4 5 (3-4)5 2008.10.000.000,00 0,71237.123.202,11 9.400.000,00 -2.276.797,89 -2.276.797,89 2009.10.000.000,00 0,76237.623.250,90 9.534.661,17 -1.911.410,27 365.387,62 2010.10.000.000,00 0,81588.158.403,11 9.678.772,42 -1.520.369,31 391.040,97 2011.10.000.000,00 0,87318.731.123,01 9.832.996,92 -1.101.873,91 418.495,40 2012.10.000.000,00 1,000010.000.000,00 10.000.000,00 0,00 1.101.873,91  4. TEMPORARY DIFFERENCES Temporary differences are defined in the IAS 12 Profit Tax, as the differences between the accounting and taxable profit occurring in one (or more) period/year that are reversed in the future. In fact, temporary differences are the differences between the profit (loss) determined by economic principles and taxable profit (tax loss) arising because the period in which some revenue and expense items are included in taxable profit is not consistent with the period in which they are included in the calculation of economic profit. This can be seen in Figures 1 and 2.   SHAPE \* MERGEFORMAT  Figures 1 and 2. Differences between economic and taxable profit In the Figure 1 in the same period (t1) economic profit (in fact revenues and expenses by economic principles) is equal to the taxable profit. Therefore there is no temporary difference. in the Figure 2 in the same period (t1) economic profit is not equal to taxable profit. They are equal in different periods. Therefore there is temporary difference. If the accounting profit is introduced in this comparison, then the situation is as presented in Figures 3 and 4. In the Figure 3 in the same period (t1) the accounting profit is equal to the economic profit. At the same time it is different from the taxable profit. Therefore there is temporary difference which is visible. In this case financial statements are fair and objective as they reflect the economic reality. The effects of visible temporary difference are covered by deferral method and liability method. In the Figure 4 in the same period (t1) the accounting profit is equal to the taxable profit. At the same time it is different from the economic profit. Therefore there is temporary difference which is invisible or hidden. In this case financial statements are not fair and objective because they do not reflect the economic reality. Two cases of visible temporary differences are possible. According to accounting standards visible temporary differences can be taxable temporary differences and deductible temporary differences, which will be discussed in sections 4.1 and 4.2. Tax effects of temporary differences are also shown in financial statements. Thus in the Balance Sheet assets the temporary differences tax effect is recorded as deferred tax assets. It is part of the current tax (part of the money engaged for the paid profit tax) which is not covered from the accounting profit but its settlement is deferred until the temporary difference is reversed. Financial effect is the same as in the tax paid in advance and therefore it is unfavourable. In the Balance Sheet liabilities the effect of temporary differences is recorded as deferred tax liabilities. It is the part of the profit tax whose maturity id deferred until the temporary difference is reversed. Financial effect is the same as in the tax loan and therefore it is favourable.   SHAPE \* MERGEFORMAT  Figures 3 and 4. Differences between economic, tax, and accounting profit Consequently, temporary differences lead to financial effect which is also temporary and can be either favourable or unfavourable. By deferring payment of tax from profit or deferring payment of profit tax and their recording in the mentioned Balance Sheet positions it is possible to make the effective accounting profit tax load equal to the nominal rate independently of temporary differences between the accounting profit and the tax base. 4.1. Taxable temporary differencces Taxable temporary differences occur if the accounting profit is higher than taxable profit, whereas at reversal it will be opposite, i.e. the accounting profit will be lower than the taxable profit. The tax effect of this temporary difference is recognized by applying the liability method in the Balance Sheet liabilities positioned as deferred tax liability. The tax effect of this temporary difference is favourable because it represents deferred payment of profit tax or tax loan. It is temporary and will be terminated in the year of temporary difference reversal. The Figure 5 provides a scheme of accounting coverage of the temporary difference tax effect (tax rate 20%).  SHAPE \* MERGEFORMAT  Figure 5. Accounting coverage of taxable temporary difference tax effect by liability method If the principles of accounting standards are not followed and tax effects of temporary difference are not covered in financial statements, the consequences are such as presented in the subsequent figure (tax rate 20%). Comparing the above two figures it becomes obvious what happens if the IAS 12 principles on coverage of tax effects are not followed. The consequences are: In the accrual year of temporary difference the effective tax load on accounting profit is undervalued, i.e. it is below the regulated 20% due to which the net profit is overvalued as well as the capital, while the liabilities are undervalued. The assets are identical because liability method is not reflected on assets. In the reversal year of temporary difference the effective tax load of accounting profit is overvalued, i.e. higher than the legal 20% which results in undervalued net profit and undervalued capital while liabilities are overvalued. The assets are identical because liability method is not reflected on assets.  SHAPE \* MERGEFORMAT  Figure 6. Accounting coverage of taxable temporary difference tax effect when liabilty method is not applied 4.2. Deductible temporary differences Deductible temporary differences occur if the accounting profit is lower than taxable profit, whereas in the future reversal it will be opposite, i.e. the accounting profit will be higher than the taxable profit. The tax effect of this temporary difference is recognized by application of deferral method in balance sheet assets positioned as deferred tax assets. The tax effect of this temporary difference is unfavourable as it represents part of the paid tax whose coverage from profit is deferred tax is paid in advance and there is no interest. The effect is temporary and will disappear in the temporary difference reversal year. The scheme of deductible temporary difference tax effect (20% tax rate) is shown in the Figure 7. If the principles of accounting standards are not followed and the deductible temporary tax effects are not covered in financial statements the consequences are such as presented in the Figure 8 (tax rate 20%).  SHAPE \* MERGEFORMAT  Figure 7. Accounting coverage of taxable temporary difference tax effect by deferral method  SHAPE \* MERGEFORMAT  Figure 8. Accounting coverage of taxable temporary difference tax effect when deferral method is not applied Comparing the two schemes the consequences of non-compliance with the IAS 12 principles become obvious: In the accrual year of temporary difference the effective tax load on accounting profit is overvalued, i.e. higher than the legal 20% due to which the net profit is undervalued (hidden), while the liabilities are identical because the deferral method is not reflected in them. In the temporary difference reversal year the effective tax load on accounting profit is undervalued, i.e. less than the legal rate of 20% which results in overvalued net profit, overvalued capital and assets. Liabilities are identical because the deferral method is not reflected in them. 4.3. The effects of temporary differences on objectivity of financial reporting As an item of the Profit and Loss Account profit tax is the amount that is deducted from the pre-tax profit to determine the net profit. In jurisdictions in which accounting principles for determining pre-tax profit are consistent with the tax principles for determining the base for recognition of the current period tax liability, the determined tax expense is also shown in Profit and Loss Account as deductible item prior to taxation. It can be stated that such cases are rare and ''ideal'' and that very frequently accounting principles are not consistent with the tax principles for determining the accounting period tax base. This results in temporary differences which in the same period are sometimes reversed before accrual or are accrued and reversed in the same period. In each of these cases the profit tax amount, which has to be shown in the Profit and Loss Account and is deducted from the pre-tax profit to determine the net profit, is not identical to the profit tax amount stated in the Tax Report determining the tax base, but is either lower or higher than it. Therefore in such cases the tax payer has to act in compliance with the principles of the IAS 12 Profit Tax. This accounting standard does not prescribe principles for determination of the tax base, but rather the principles for accounting procedure in case when tax regulations are not consistent with the accounting principles. In economic systems in which this inconsistency of accounting principles and tax regulations results in temporary differences, the effective tax load rate is not identical to its nominal rate (but can be both higher and lower than the nominal legal rate). That is why application of IAS 12 principles allows the reduction of the effective tax rate to its nominal rate by which (in the case of temporary differences) the final result is to be charged. The real or economic consequence of accrual and existence of temporary differences, whose tax effects are not covered in compliance with the IAS 12 principles, is either overvaluation or undervaluation of profit after taxation. Overvalued or undervalued profit in the accrual year of temporary difference means overvalued or undervalued capital i.e. overvalued or undervalued net assets with all the eventual financial effects on the volume and structure of profit distribution. In fact, the final consequence is that financial statements are not fair and objective. According to the Framework for preparation and presentation of financial statements and IAS 1, financial statements have to fairly and truthfully present the company financial position and performance. This implies total rather than partial coverage of transactions effects (including also temporary differences). Partial coverage of transactions results in concealment or overvaluation of their financial effects, which are both contrary to the requirement for objective and truthful financial reporting. 4.4. Temporary differences in Croatia According to the current Croatian regulations (Profit Tax Law) temporary differences may arise as the consequence of temporary differences in expenses. Taxable temporary differences are temporary differences which will result in taxable amounts at determination of taxable profit (tax loss) in the future periods when the carrying amount of assets is paid back or the liability is settled. The tax effect of this temporary difference is recognized by application of liability method. Croatian tax regulations do not allow application of these temporary differences because it provides the possibility to defer (shift) profit tax payment. They are most frequently comprised in depreciation expenses when the so called accelerated depreciation rate is used for tax purposes, which also has to be applied for accounting purposes (concealment of depreciation effects in financial statements). Similar situations may occur in expenses resulting from value adjustments and reservation. For the tax payer the effects are favourable but temporary and take the form of deferred profit tax payment. In financial terms they are identical to the effects of temporary differences in which in the accrual year the accounting profit is higher than the taxable profit, while in the reversal year it is the other way round. The specific characteristic of Croatian tax regulations is that they allow financial effects exclusively if they are simultaneously recognized in accounting. Consequently the situation in which differences between accounting and taxable profit arise is not possible. That would be the temporary difference by application of liability method with the temporary favourable financial effect not positioned in Liabilities as ''Deferred profit tax payment''. As in financial terms the effect is realized, but it is not shown in the balance sheet, this temporarily favourable financial effect of the profit tax is concealed (concealed temporary differences). In such a case financial statements are not fair, which requires their correction. It also has to be noted that the total amount of the concealed temporary difference is retained in operation financing in the amount of deferred profit tax payment, i.e. in the amount of deferred net profit. Deductible temporary differences will result in the amounts deductible from the future period taxable profit (tax loss). Croatian tax regulations allow the application of these temporary differences but only on the expense side, and they can arise due to depreciation above the prescribed rates, due to value adjustments and due to cost risk reservations. 5. CONCLUSION The elements presented in financial statements ought to state the economic or real flow of company transactions, i.e. its economic reality. Only such financial statements can meet the principles of fair and objective presentation of financial position, performance, and change of financial position. It must be always had in mind that financial accounting is externally oriented and that it generates information primarily intended for a wide range of external users. It is exactly due to these users that such information has to be truthful and objective. It is obvious that in Croatia there are inconsistencies between tax regulations and accounting regulations. That means that in preparation of financial statements, particularly when commenting information provided by them, these inconsistencies have to be taken into account. Although Croatia is strongly committed to the application of International Financial Reporting Standards for large companies, and Croatian Financial Reporting Standards for small and medium sized companies, tax regulations cause inconsistencies leading to creation of questionable information. In fact, it is an area open to possible manipulation by creators of financial statements. Concerning the current economic situation in Croatia, national accounting has to act to protect what is good in the economy through consistent application of principles and standards, thus eliminating any possibility for manipulation. This study highlights the possible occurrence of differences and inconsistencies in recognition and evaluation of some financial statement positions. It shows that adhering to the accounting principles in recognition and evaluation does not necessarily imply fair and objective presentation of these positions. Thus the experience of the countries in which there are no great differences between accounting regulations and tax regulations in determining profit tax shows that there is no possibility for occurrence of temporary differences, especially not deductible temporary differences. In any case, the IAS 12  Profit Tax has to be applied consistently in order to avoid doubtful effects on fair and objective financial reporting. 6. LITERATURE Ani-Anti, P., Id~ojti, I.: Privremene razlike i u inci na tekuu i poreznu obvezu  odgoena i dospjela porezna obveza, odgoena i dospjela porezna imovina RiPuP br.03/2009, Zagreb, 2009. Greuning, H. V.: Meunarodni standardi financijskog izvjeaivanja: Prakti ni vodi  (prijevod djela International Financial Reporting Standards: A Practical Guide) MATE, Zagreb, 2006. Grupa autora: Primjena Hrvatskih standarda financijskog izvjeatavanja, RIF, Zagreb, 2008. Meunarodni standardi financijskog izvjeatavanja (MSFI), HZRiFD, Zagreb, 2004. Negovanovi, M.: Problemi u primjeni MSFI u Europskoj uniji, RRIF, broj 5/08., Zagreb, 2008. Zakon o porezu na dobit, Narodne novine, brojevi: 177/2004; 95/2005; 57/2006 Zakon o ra unovodstvu, Narodne novine, broj 109/2007 }ager, K., Smrekar, N.: Iskustva u primjeni HSFI-ja, 44 simpozij  Financije i ra unovodstvo u zatiti hrvatskog gospodarstva od recesije, HZRFID, Zagreb, 2009.  HYPERLINK "http://www.iasb.org" www.iasb.org  HYPERLINK "http://www.ifac.org" www.ifac.org  HYPERLINK "http://www.osfi.hr" www.osfi.hr  Okvir za sastavljanje i prezentiranje financijskih izvjetaja in: Meunarodni standardi financijskog izvjeaivanja 2006/2007  Primjena ra unovodstva EU u Hrvatskoj, Zgombi & Partneri, Zagreb, 2006., p. 53.  T. Domazet: Meunarodni standardi financijskog izvjeaivanja 2006/2007  Primjena ra unovodstva EU u Hrvatskoj, Zgombi & Partneri, Zagreb, 2006., p. 5.  Recoverable value is the higher amount between the net sale value and the value in use.  IAS 16., p.30.  IAS 36., p.8.  IAS 36., p.58.-61.  IAS 36., p.63.  IAS 39., p.9.  Financial effect is determined at the current Croatian tax rate.  Financial effect is determined at the current Croatian tax rate.  Financial effect is determined at the current Croatian tax rate.  Financial effect is determined at the current Croatian tax rate.     PAGE  PAGE 2 dobit Opor. dobit 80 un. ? Ra Razl. 20 100 godina nastanka: 28 Obveza PD 20 20 (100 x 20%) 20 80 20 80 x 100 = 25% > propis. st. 20% 82 DOBIT 80 So 82 DOBIT godina nastanka: 100 dobit 16 (80 x 20%) Opor. 100 ACC. PROFIT = 80 TAX. PROFIT =100 TAX LIABILITY 20 20 (100 x 20%) 20 80 20 80 x 100 = 25% > LEGAL RATE 20% NET PROFIT 80 So DEFERRAL METHOD NOT APPLIED Ra ? un. dobit 100 Razl. 20 Opor. dobit 80 ACCRUAL YEAR: AP ( TP 28 Obveza PD 16 16 (80 x 20%) 16 100 16 100 x 100 = 16% < propis. st. 20% 82 DOBIT 100 So Ra un. Ra ? 100 100 16 16 TAX LIABILITY 16 16 (80 x 20%) 16 100 16 100 x 100 = 16% < LEGAL RATE 20% NET PROFIT 100 So 100 So 28 Obveza PD 16 16 16 PROFIT (80 x 20%) TAX LIABILITY 16 20 (100 x 20%) DEFERRED COVERAGE TP (20 x 20%) 16 80 16 80 x 100 = 20% = LEGAL RATE 20% GROSS PROFIT 80 So 4 16 20 (100 x 20%) T (20 x 20%) 16 80 16 80 x 100 = 20% THERE IS NO TEMPORARY DIFFERENCE 80 So 4 1 Liability TP Accounting value at Balance sheet date TAXABLE PROFIT E Effective interest rate APPLICATION OF DEFERRAL METHOD Ra ? un. dobit 100 Razl. 20 Opor. dobit 80 godina ukidanja: Ra ? 16 100 So 100 ACCRUAL YEAR: AP ( TP REVERSAL YEAR: AP ( TP 100 TAX LIABILITY 16 4 16 (80 x 20%) 4     7 8 O ֧֧}lXE$h256CJOJQJaJmHsH'h2hO5CJOJQJaJmHsH!hi5CJOJQJaJmHsHhehheh5CJOJQJaJ3jhOhOCJOJQJUaJmHsH(hOhO0J(CJOJQJaJmHsH3jhOhOCJOJQJUaJmHsH-jhOhOCJOJQJUaJmHsH$hOhOCJOJQJaJmHsH6 8 : p 9 N O @ A J K " $`a$gd $`a$gdeh$a$gdeh $da$gdi$a$gdeh $da$gd{ $da$gd{ߠ ? @ A K 2 Q gp"3Ͽo`Q`B`h;OhpvCJOJQJaJh;OhzS CJOJQJaJh;Ohh%CJOJQJaJh;Oh`5CJOJQJaJh;Oh`CJOJQJaJh;Oheh5CJOJQJaJh;OhehCJOJQJaJ"h`h`56CJOJQJaJh`hO6CJOJQJaJh`heh6CJOJQJaJh`hehCJOJQJaJ"h`heh56CJOJQJaJ=ORo+GOTZ²££”ueUuh;OhP5CJOJQJaJh;Ohi5CJOJQJaJh;OhiCJOJQJaJh;Oh25CJOJQJaJh;Oh2CJOJQJaJh;Oh?CJOJQJaJh;Oh 5CJOJQJaJh;Oh CJOJQJaJh;OhzS CJOJQJaJh;OhpvCJOJQJaJh;Ohpv5CJOJQJaJZ%&?FbitóuufuWKW;W;Wh +hl6CJOJQJaJh,@CJOJQJaJh +hlCJOJQJaJh +h +CJOJQJaJh +h)6CJOJQJaJh +hPCJOJQJaJh +hc=45CJOJQJaJh +hP5CJOJQJaJh +hB5CJOJQJaJhehheh6CJOJQJaJh;Oh2CJOJQJaJh;OhzS CJOJQJaJh;OhPCJOJQJaJ&D{!&^)[,\,,.g1h1144$a$gd{ $da$gd] $da$gdB $da$gdmF: $da$gdq $da$gd_ $da$gd{$a$gdP $`a$gd  37>[]`cj}TCDGzᲣ”ufRBh +hw5CJOJQJaJ'hJhB5CJOJQJaJmHsHh +h CJOJQJaJh +hwCJOJQJaJh +h$86CJOJQJaJh +h$8CJOJQJaJh +h +CJOJQJaJh +h +6CJOJQJaJh +h_CJOJQJaJh +h6CJOJQJaJh +h i6CJOJQJaJh +h iCJOJQJaJz{]!###i$'%+%6%&&&&&'³yjjUF7hD~h +CJOJQJaJh +h"{CJOJQJaJ)jh +hmF:0JCJOJQJUaJh +hzS CJOJQJaJh +CJOJQJaJh +h +CJOJQJaJh +hlCJOJQJaJh +hg~5CJOJQJaJh +hg~CJOJQJaJh +h*JCJOJQJaJh +hO$CJOJQJaJh +hwCJOJQJaJh +hB5CJOJQJaJ'''(((((((])^))+++Z,[,\,_,,p--Ӿӯ~m]N?h_h_CJOJQJaJh_hB2CJOJQJaJh_h5CJOJQJaJ!h5CJOJQJaJmHsH$hOhBCJOJQJaJmHsHhhCJOJQJaJhhCJOJQJaJhhD~CJOJQJaJ)jhD~hB0JCJOJQJUaJhD~hBCJOJQJaJhD~h +CJOJQJaJhD~hD~CJOJQJaJ----------i.t....//0c1f1g1h1t1111㲣ufVFFhFHh |5CJOJQJaJhFHhi55CJOJQJaJh |hSCJOJQJaJh |h |CJOJQJaJh |hH5CJOJQJaJh |hHCJOJQJaJh |h_CJOJQJaJh_h_5CJOJQJaJ)jh_h_0JCJOJQJUaJh_CJOJQJaJh_h_CJOJQJaJh,@5CJOJQJaJ1111111&2:2<22222222222 33,3/3_3c3񪛋||l|l]NhFHhP.HCJOJQJaJhFHhtCJOJQJaJhFHhf6CJOJQJaJhFHh`KCJOJQJaJhFHh |6CJOJQJaJhFHhfCJOJQJaJhFHh |CJOJQJaJhFHhFH6CJOJQJaJhFHCJOJQJaJh,@CJOJQJaJhFHhFH5CJOJQJaJhFHhFHCJOJQJaJc3d3f3333Y4m4444444444+5855ôåteUHU8hFHhFH5CJOJQJaJh,@>*CJOJQJaJhFHhx>*CJOJQJaJhFHhi5CJOJQJaJ!hOH5CJOJQJaJmHsH!hx5CJOJQJaJmHsHhFHh`|CJOJQJaJhFHhxCJOJQJaJhFHhFHCJOJQJaJhFHhfCJOJQJaJhFHhf6CJOJQJaJhFHh.wCJOJQJaJhFHh CJOJQJaJ4444O7:>>(?]ADEII2MvPwPPRR"SS?TFTQT$d$Ifa$gd4T $da$gd{ $da$gd{5555555666666=7F7L7O7S7T77779:::ɺ媝o_PDhnCJOJQJaJhnhg13CJOJQJaJhnhg135CJOJQJaJhnhFH5CJOJQJaJhnhnCJOJQJaJhnhFHCJOJQJaJhn6CJOJQJaJhFHhFH6CJOJQJaJhFHhE)CJOJQJaJhFHCJOJQJaJhFHhFH5CJOJQJaJhFHhFHCJOJQJaJhZ^CJOJQJaJ:;$;p;y;_<==B>>>>>>??(?7?ӵwgSBS2h*h+5CJOJQJaJ!h,@>*CJOJQJaJmHsH'h+h+>*CJOJQJaJmHsHhsCJOJQJaJmHsH%h+hsB*CJOJQJaJphh*CJOJQJaJh+hg$CJOJQJaJh+h(6CJOJQJaJh+h(CJOJQJaJh+hmRCJOJQJaJh+h CJOJQJaJh+hZ^CJOJQJaJh+hnCJOJQJaJ7?GGGGGHnIIIIIǸ{f{VGhhsCJOJQJaJhH9hH95CJOJQJaJ)jhH9hs0JCJOJQJUaJhH9h]CJOJQJaJhH9hOl6CJOJQJaJhH9hOlCJOJQJaJhH9hzCJOJQJaJhH9hH9CJOJQJaJhH9h5CJOJQJaJh,@CJOJQJaJh0h0CJOJQJaJh0hVsCJOJQJaJIhJJJKnKOLPLQLSL/M0M1M2MMMMôk\M\=-hhG_5CJOJQJaJhh'5CJOJQJaJhhsCJOJQJaJhh'CJOJQJaJ)jhh'0JCJOJQJUaJhh'6CJOJQJaJ)jhhs0JCJOJQJUaJhh]CJOJQJaJhh\)hCJOJQJaJhh,@CJOJQJaJhhCJOJQJaJhhH95CJOJQJaJhhH9CJOJQJaJMrNxN|NNOOO5PvPwP~PPPPPPPPPQⷤwkwkw[K<h h7z7CJOJQJaJh h5CJOJQJaJh h$w5CJOJQJaJhOHCJOJQJaJhhCJOJQJaJhhCJOJQJaJhh_LCJOJQJaJ$hOhm<CJOJQJaJmHsHhh6CJOJQJaJhhy CJOJQJaJhCJOJQJaJhhCJOJQJaJhhG_CJOJQJaJQRRRRRRRRRRR"SSSSӾӲp`QB0"h hU56CJOJQJaJh h CJOJQJaJh hCJOJQJaJh hHK]6CJOJQJaJh h\ACJOJQJaJ"h h\A56CJOJQJaJ"h hRg56CJOJQJaJhOH56CJOJQJaJhOHCJOJQJaJ)jh h_L0JCJOJQJUaJh h|CJOJQJaJh hCJOJQJaJh hRgCJOJQJaJSS>T?TETFTPTQT[T\TTTTTTTTT&U(U1U2U>U@UHUKURUSUTUlUmUuU}UUUUUưưưưưưưxe$h hl CJOJPJQJ^JaJ jh hl UmHnHu h hl CJOJPJQJaJ*h h 5CJOJPJQJ\^JaJ*h hl 5CJOJPJQJ\^JaJ*h hU5CJOJPJQJ\^JaJ"h hU56CJOJQJaJ"h h56CJOJQJaJ$QT\TTTT(U1U@USUTUWUZU]U`UlUUUUUUUUU$d$Ifa$gd4T FfFf$d$Ifa$gdU$d$Ifa$gd4T UUUURVSVVV"W#WWWWWWWWWWWWWWĮxjfj_SGh CJOJQJaJhl CJOJQJaJ h\Ahl hl jhl UmHnHu>jh hl 5CJOJPJQJU\^JaJmHnHu*h hl 5CJOJPJQJ\^JaJ*h h? 85CJOJPJQJ\^JaJ h hl CJOJPJQJaJ$h hl CJOJPJQJ^JaJ-h hl B*CJOJPJQJ^JaJphUUUUUUUUUVVV V,V:VFVRVSV]ViVnV|VVFfCFf $d$Ifa$gd4T d$Ifgd4T $d$Ifa$gd4T VVVVVVVVVVVV WW"W#W-WZBZbZcZŮśyfPf:*hhA56CJOJQJaJmHsH*hh56CJOJQJaJmHsH$h 56CJOJQJaJmHsH$hOH56CJOJQJaJmHsHhOH56CJOJQJaJ$hOhOHCJOJQJaJmHsH-jhOhOHCJOJQJUaJmHsHhOHCJOJQJaJmHsHhOHCJOJQJaJh hOH6CJOJQJaJh hOHCJOJQJaJ7Z8Z9ZcZhZvZZZZZZZZZ[[[[[[[[([Ff)$d$Ifa$gd$d$Ifa$gd4T $da$gd{ $da$gdOHcZgZpZvZwZZZZZZZZZZZZZZZZZZZ[[껢껉ss`s$hOH5CJOJPJQJ\^JaJ*hOHh 5CJOJPJQJ\^JaJ0hOHh56CJOJPJQJ\]^JaJ0hOHh 56CJOJPJQJ\]^JaJ0hOHhl 56CJOJPJQJ\]^JaJ*hOHhl 5CJOJPJQJ\^JaJ*hOHh5CJOJPJQJ\^JaJ[[[[6[7[;[<[o[}[~[[[[[[[[[[[[[\(\)\5\6\:\;\n\|\ʹkQʹkʹkʹk3hOHhl 5B*CJOJPJQJ\^JaJph-hOHhl B*CJOJPJQJ^JaJphhOHCJOJPJQJ^JaJ$hOHhl CJOJPJQJ^JaJ'hOHhl 5CJOJPJQJ^JaJ hAhl CJOJPJQJaJ*hOHhl 5CJOJPJQJ\^JaJ>jhOHhl 5CJOJPJQJU\^JaJmHnHu([+[3[6[7[=[L[S[a[o[~[[[[[[[[[[[[[[ \Ff'5Ff1$d$Ifa$gd4T Ff-$d$Ifa$gd4T  \\)\5\6\<\K\R\`\n\}\\\\\\\\\\\\\ $da$gd{FfKAFf?=$d$Ifa$gd4T Ff39$d$Ifa$gd4T |\}\\\\\\\\\\\\\&]0]9]ƣp\L8L'h? 8h? 86CJOJQJaJmHsHh? 8CJOJQJaJmHsH'hChV[5CJOJQJaJmHsH!h? 85CJOJQJaJmHsH!h*/5CJOJQJaJmHsH!hl 5CJOJQJaJmHsH$hOh<[CJOJQJaJmHsHhOHCJOJPJQJ^JaJ hAhl CJOJPJQJaJ*hOHhl 5CJOJPJQJ\^JaJ$hOHhl CJOJPJQJ^JaJ\\]0_1_4_Q__aWdLeShThXhuhh|j}jjllLmmmm $da$gd$a$gd $da$gdNs~ $da$gdjF $da$gd{9]n]]E^^^0_1_3_4_5_L_N_O_P_Q_˻mVCV,Vm-j\ChOh)FCJOJQJUaJmHsH$hOhVCJOJQJaJmHsH-jhOhVCJOJQJUaJmHsH$hOhV[CJOJQJaJmHsH-jhOhIhCJOJQJUaJmHsHhNs~CJOJQJaJmHsH'h|v|h|v|5CJOJQJaJmHsHh|v|CJOJQJaJmHsHhgCJOJQJaJmHsHh? 8CJOJQJaJmHsH'h? 8h? 85CJOJQJaJmHsHQ_`_h_i_j_m_q_______0`Z`\`]`~```aaanbbܻyyi]yiyN>hhq5CJOJQJaJhhqCJOJQJaJhOHCJOJQJaJhh|v|5CJOJQJaJhhV[CJOJQJaJhh|v|CJOJQJaJ"hhV[56CJOJQJaJ"hh56CJOJQJaJ"hh? 856CJOJQJaJh56CJOJQJaJ"hh56CJOJQJaJ"hh56CJOJQJaJbbbc+c0cIcNcicmcqccc d#dfddddde?eCeFeKeLeqeefff⨙⨉zzzn^O^O^h"hNs~CJOJQJaJh"hNs~5CJOJQJaJhjFCJOJQJaJhh7!CJOJQJaJhh6O5CJOJQJaJhhCJOJQJaJhh6OCJOJQJaJhCJOJQJaJhhjFCJOJQJaJhh;5CJOJQJaJhh;CJOJQJaJhhqCJOJQJaJfggShThWhXhYhphrhshthuh~hhhhhվjWAWAW*hB[hB[56CJOJQJaJmHsH$h56CJOJQJaJmHsH-jChOh)FCJOJQJUaJmHsH$hOhVCJOJQJaJmHsH-jhOhVCJOJQJUaJmHsH$hOhV[CJOJQJaJmHsH-jhOhCJOJQJUaJmHsHhNs~CJOJQJaJh"hNs~5CJOJQJaJh"hNs~CJOJQJaJhhVii|j}j~jjjjjjjj$kk̼wcTDT5h9h9CJOJQJaJh9h 5CJOJQJaJh9h CJOJQJaJ'h_hV[5CJOJQJaJmHsH!h 5CJOJQJaJmHsH'h_h_5CJOJQJaJmHsH!h5CJOJQJaJmHsHh hby}CJOJQJaJh h 5CJOJQJaJh h CJOJQJaJh h"CJOJQJaJ*hB[hV[56CJOJQJaJmHsHkkHmJmKmLmMmPmQmhmimjmkmlmmmtmwmmѼ}u}gX}Q?-?"hCJOJQJaJ)jh9h{0JCJOJQJUaJh9h{CJOJQJaJh9h9CJOJQJaJh9h95CJOJQJaJmmmmmmmnnnnnnoooooFpOppppܻyjjZjN?j?hCJOJQJaJhCJOJQJaJh5CJOJQJaJhv?v@vFvGvHvJvvvvvv諘o_H5H$hOh ]CJOJQJaJmHsH-jhOh ]CJOJQJUaJmHsHhGCJOJQJaJmHsH$hPz56CJOJQJaJmHsH*h{hPz56CJOJQJaJmHsH$h A56CJOJQJaJmHsH$hOhV[CJOJQJaJmHsH-jEhOh&CJOJQJUaJmHsH$hOh&[!CJOJQJaJmHsH-jhOh&[!CJOJQJUaJmHsHvvvvvvv(w)wkwww]x_xfxoxxѾvgXHXaQ$h$.+h$.+CJOJQJaJmHsHh$.+CJOJQJaJmHsH!h$.+5CJOJQJaJmHsH!hH 5CJOJQJaJmHsH!hG5CJOJQJaJmHsH'h;vhH 5CJOJQJaJmHsHh$.+h*/CJOJQJaJh$.+htKVCJOJQJaJh$.+h$.+CJOJQJaJh$.+hf5CJOJQJaJh$.+hfCJOJQJaJh$.+CJOJQJaJ[x ẋ$%?@Acdƈ̽̽۫ۜ~o~o\M>h#Dh, CJOJQJaJh#DhI7CJOJQJaJ%h#DhI7B*CJOJQJaJphhs&{hs&{CJOJQJaJhs&{hI7CJOJQJaJhs&{h, CJOJQJaJhs&{hr-CJOJQJaJ"h#Dh$.+5>*CJOJQJaJh#Dh#DCJOJQJaJh#Dh$.+CJOJQJaJh#Dh$.+5CJOJQJaJ'h$.+h$.+5CJOJQJaJmHsHƈLjs}ފ;F+܏Ǹǩ֊zjZJh1hHK]5CJOJQJaJh1h 5CJOJQJaJh1hk5CJOJQJaJh1h#D5CJOJQJaJh#DhkCJOJQJaJh#Dh UE5CJOJQJaJh#Dh{:CJOJQJaJh#Dh UECJOJQJaJh#DhuCJOJQJaJh#Dh#DCJOJQJaJh#Dh, CJOJQJaJhs&{CJOJQJaJ:G4ؒ(HQʓӓ`a֕6JL&(D³³¤•vgV!hU5CJOJQJaJmHsHh1hwACJOJQJaJh1hd6CJOJQJaJh1hdCJOJQJaJh1hNCJOJQJaJh1h?CJOJQJaJh1h1CJOJQJaJh1h#DCJOJQJaJh1hUCJOJQJaJh1hHK]CJOJQJaJh1hi5CJOJQJaJ (FHȚ8DLGyܠݠޠߠ $a$gd{ $da$gdX$ & Fda$gd\Tg$ & F d5$7$8$9DH$a$gdsn8$ & Fda$gdsn8 $da$gd\TgDFHl68TœL^jnzűűš}jVGG7šh\TgCJOJQJaJmHsHhsn8h\TgCJOJQJaJ'hsn8h\Tg6CJOJQJaJmHsH$hsn8hXCJOJQJaJmHsH'hXhX6CJOJQJaJmHsHhXCJOJQJaJmHsHhsn8CJOJQJaJmHsH'hsn8hsn86CJOJQJaJmHsH$hsn8hsn8CJOJQJaJmHsH$hsn8h\TgCJOJQJaJmHsH'hsn8h\Tg5CJOJQJaJmHsH"DTt:JLzПF۷}}}q^M^=hXCJOJQJaJmHsH!hX6CJOJQJaJmHsH$hXhXCJOJQJaJmHsHh\TgOJQJmHsHhsn8h\TgOJQJmHsHhXOJQJmHsHhsn8hsn8OJQJmHsHhsn8h\Tg6OJQJmHsH'hsn8hsn86CJOJQJaJmHsHhsn8CJOJQJaJmHsH$hsn8hsn8CJOJQJaJmHsH!hsn86CJOJQJaJmHsHFGHijkwxyz̠͠Π٠ڠ۠ܠޠߠͳݞ̈́ݞjݞWF!jhmF:hmF:0JOJQJU$hsn8hXCJOJQJaJmHsH3j^Hh>hXCJOJQJUaJmHsH3jGh>hXCJOJQJUaJmHsH(h>hX0J(CJOJQJaJmHsH3jFh>hXCJOJQJUaJmHsHhXCJOJQJaJmHsH'jhXCJOJQJUaJmHsHhXhXOJQJmHsH  "$HLVXZ "潮sgsVG8Ghs&{hVsOJQJmHsHhs&{hsOJQJmHsH!jhshs0JOJQJUhxOJQJmHsHh-h_OJQJmHsH!jh-h_0JOJQJUh +OJQJmHsHh?1VhBOJQJmHsHhBhBOJQJmHsH!jh?1VhB0JOJQJUhmF:OJQJmHsHhzS OJQJmHsHhmF:hmF:OJQJmHsHhmF:hmF:OJQJ V .Nx "ef &`#$gd n dgdHIKgdGgdl $a$gdB"$&,.028FNPRXdfhxz|ijӧijӧě~skcsksRGh_Lh_LOJQJ!jh_Lh_L0JOJQJUh OJQJh'OJQJh_Lh'OJQJ!jh_Lh'0JOJQJUh_S~OJQJmHsHh OJQJmHsHhVsOJQJmHsH!jhshs0JOJQJUhshsOJQJmHsHhs&{hsOJQJmHsHhs&{h_S~OJQJmHsHhs&{h OJQJmHsH̥!"#$+efghioȽȽvk\PAhPzhPzOJQJmHsHh >OJQJmHsHhPzhl OJQJmHsHhs&{hPzOJQJ!jhPzhPz0JOJQJUhl OJQJmHsHh{hl OJQJmHsHh9OJQJmHsHh{h{OJQJmHsHhs&{h{OJQJ!jh{h{0JOJQJUh_Lh_LOJQJmHsHh OJQJmHsHhRgOJQJmHsH  "*,/12468@DGIȹwswswswswswswswshO%hO5B*CJOJQJ\aJphh;O0J)mHnHuh nhi5 hi50J)jhi50J)Ujhu~Uhu~h;vhGOJQJmHsHhl OJQJmHsHh{hl OJQJmHsHhs&{hGOJQJ!jh;vhG0JOJQJU-!"+,013478ABCDHIZ[gd? &`#$gd nh]hgdi5IY[gikmoq|~&*:>HL\`mm%hO5B*CJOJQJ\aJph)hO5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3)hO5B* CJOJQJ\^JaJphff)hO5B*CJOJQJ\^JaJphhO#hOB* CJOJQJ^JaJphf$[hilmpq}~(*<>JL^`gd;gd?`ʨ̨Ԩ֨ @BDJLRgd?gd8 $da$gd?dgd<gd ]gd;Ȩ̨Ҩ֨ ">@D濨}h[Khxh85CJaJmHsHh85CJaJmHsH)hO5B*CJOJQJ\^JaJph,h7hO5B*CJOJQJ^JaJph&hO5B* CJOJQJ^JaJphp,h`h<5B* CJOJQJ^JaJph&h<5B* CJOJQJ^JaJph%hO5B*CJOJQJ\aJphhO)hO5B* CJOJQJ\^JaJphffDHLPTjnrvz~ƩЩҩԩܩ}eZA1hV)5B*CJOJQJ\^JaJmHphsHh8hOCJaJ/h#h85B*CJOJQJ\^JaJph)h85B*CJOJQJ\^JaJph)ha5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJphhO)hO5B* CJOJQJ\^JaJphffRTlntv|~ҩԩ46<>BDgdINgd8gd?ܩ246:>@DJNZ^dhx|͸̀̀̀̀̀̀̀̀͡eN,h#dh<5B*CJOJQJ^JaJph4h#dh<5B*CJOJQJ^JaJmHphsH%hO5B*CJOJQJ\aJphhINhO5OJQJ^J,hINhIN5B*CJOJQJ^JaJph)hO5B* CJOJQJ\^JaJph3hO)hO5B*CJOJQJ\^JaJph1h85B*CJOJQJ\^JaJmHphsHDLN\^fhz|ʪ̪ $a$gd< $da$gd<gd?ªĪȪʪ̪ "&*04NRTXx|ջ첮oZo)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3)hO5B* CJOJQJ\^JaJphff)hO5B*CJOJQJ\^JaJphhOh<hOaJ2 j<h&[!h<5B* CJOJQJ^JaJphp,h&[!h<5B* CJOJQJ^JaJphp&h<5B* CJOJQJ^JaJphp! "(*24PRVXz|ȫʫҫԫګgd;gd?ƫʫЫԫثܫ ,048>BFJPT象nYnn)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJphffh8hOaJhxh85CJaJmHsHh85CJaJmHsH)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3hO%hO5B*CJOJQJ\aJph"ګܫ.068@BHJRTprvxgd?gd8gd;Tnrtx¬άҬ漤g`K6)hO5B* CJOJQJ\^JaJph3)hO5B* CJOJQJ\^JaJph3 h8hO1h85B*CJOJQJ\^JaJmHphsH1hV)5B*CJOJQJ\^JaJmHphsHh8hOCJaJ/h#h85B*CJOJQJ\^JaJph)h85B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJphhO)hO5B*CJOJQJ\^JaJph¬ЬҬ  "$&<>@^gdggd;gd?gd8Ҭ&:@\^`bfjnr毟zgQgQ+h7hO5CJOJQJ^JaJmHsH%hg5CJOJQJ^JaJmHsH h7hO)hO5B* CJOJQJ\^JaJphffhghOaJhxhg5CJaJmHsHhg5CJaJmHsH)h#d5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJphffhO)hO5B*CJOJQJ\^JaJph^`bhjpr֭حޭ gd;gdgԭحܭ +,-2458洩|qXLhghO5mHsH1hg5B*CJOJQJ\^JaJmHphsHhghOCJaJ/h#hg5B*CJOJQJ\^JaJph)hg5B*CJOJQJ\^JaJphh(ahOmHsHhOmHsH)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJphhO)hO5B*CJOJQJ\^JaJph,-34678;<?@LMOPQRS^_bcfgjgd)Fgd;gdg8:<>@KMNOS]_acegikmo|xh[KhVhO5CJaJmHsHhO5CJaJmHsHh)FhO5CJaJmHsHh? 85CJaJmHsH)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJphhhOmHsH-h5B*CJOJQJ\aJmHphsHhO)hO5B* CJOJQJ\^JaJphffjkno}~®$a$gd%V$a$gdl  & Fgd)Fgd)F$a$gd)Fgd;®7qgZ?4hYwAhYwA5B*CJOJQJ^JaJmHphsHhc'Chl 5B* phhRg5B* ph%hO5B*CJOJQJ\aJphhh%V5CJaJmHsHh%V5CJaJmHsH hHK]hl 5B* mHphsHhHK]5B* mHphsH)hh5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJphhO89<=?@DELMQR[\bclm~gd;gdYwA$a$gdl gd)F789;=>@CEKMPRZ\ackm}lX&hg5B* CJOJQJ^JaJphp,h#dhg5B*CJOJQJ^JaJph4h#dhg5B*CJOJQJ^JaJmHphsH)hO5B* CJOJQJ\^JaJph3)hO5B* CJOJQJ\^JaJphff#hOB* CJOJQJ^JaJphf%hO5B*CJOJQJ\aJphhOhYwAhO5OJQJ^J!~ǯȯɯʯ˯̯Яѯgdg$a$gd; $da$gd; $da$gdggd;¯ïįƯȯؐxaxaxO5O2 j>h&[!hO5B* CJOJQJ^JaJphp#hOB*CJOJQJ^JaJph,h'/hg5B*CJOJQJ^JaJph&hg5B*CJOJQJ^JaJphhO,h7hO5B*CJOJQJ^JaJph2 j<h&[!hO5B* CJOJQJ^JaJphp,h&[!hO5B* CJOJQJ^JaJphp&hg5B* CJOJQJ^JaJphp&hO5B*CJOJQJ^JaJphȯɯ̯ϯѯ߯h h hhhhhhhhh+h-hĴjUjjj)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJphU)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJphffhghOaJhxhg5CJaJmHsHhg5CJaJmHsH)hO5B* CJOJQJ\^JaJph3hO)h'/hOB*CJOJQJ^JaJph h hhhhhhhhh,h-h/h0h@hAhgd;gdg(20 x 20%) 20 100 20 100 x 100 = 20% = LEGAL RATE 20% ACCORDING TO TAX REGULATIONS 16 4 16 (80 x 20%) 4 (20 x 20%) 20 100 20 100 x 100 = 20% THERE IS TEMPORARY DIFFERENCE GROSS PROFIT 100 So P TAXABLE DEFERRED COVERAGE TP ACCOUNTING PROFIT ACC. PROFIT = 80 TAX. PROFIT =100 So 4 According to Croatian tax regulations, expenses by financial asset value adjustment are not temporary recognized. In the first year temporary differences occur (accrual year) and in the subsequent periods (to maturity) they are reversed (reversal years). If temporary differences are not recorded financial statements are not fair and objective. 100 So E ECONOMIC REVERSAL YEAR: AP ( TP ACC. PROFIT = 100 TAX. PROFIT = 80 ACCRUAL YEAR: AP ( TP So 4 godina nastanka: dobit 80 t E propis. st. 20% T 1 x 100 = 16% < 100 16 t 2 Opor. 2 100 dobit un. ? Ra 100 x 100 = 16% < LEGAL RATE 20% LIABILITY METHOD NOT APPLIED Razl. 20 Ra ? un. dobit 80 Opor. dobit 100 REVERSAL YEAR: AP ( TP 82 DOBIT 80 So 28 Obveza PD 20 20 (100 x 20%) 20 80 20 80 x 100 = 25% > propis. st. 20% ACC. PROFIT = 100 TAX. PROFIT = 80 ACC. PROFIT = 80 TAX. PROFIT =100 ? ACC. PROFIT = 100 TAX. PROFIT = 80 ACCRUAL YEAR: AP ( TP REVERSAL YEAR: AP ( TP ACC. PROFIT = 80 TAX. PROFIT =100 100 ACC. PROFIT = 100 TAX. PROFIT = 80 PROFIT 80 So Liability TP 20 20 (100 x 20%) 20 80 20 80 x 100 = 25% > LEGAL RATE 20% APPLICATION OF LIABILITY METHOD Figure 2. 2. Figure 1. 4 x 100 = 20% 80 16 80 A ACCOUNTING E ECONOMIC T TAX E P t 1 2 PRIVREMENA RAZLIK A - VIDLJIVA u FIN.IZVJ. R - metoda odgode - 16 E T t 1 2 (20 x 20%) (100 x 20%) 20 16 Temporary difference invisible (hidden) FIN. STATEMENTS NOT FAIR AND OBJECTIVE Temporary difference visible DEFERRAL METHOD LIABILITY METHOD lIABILITY A 4 LEGAL RATE 20% = x 100 = 20% E P t 1 2 PRIVREMENA RAZLIK A - PRIKRIVENA NEVIDLJIVA u FIN.IZVJ. R - FIG. 4. -h.h/h0h:h?h@hAhBh^h_h`hbhdhehghihkhuhwhxhzhhhhhԼ雌wbwwbbM)hO5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJphffhph%VCJaJmHsHhph CJaJmHsH hghOhghgCJaJ/h#hg5B*CJOJQJ\^JaJph)hg5B*CJOJQJ\^JaJphhOh(ahOmHsHhOmHsHAhBh_h`hchdhfhghjhkhvhwhyhzhhhhhhhhhhhhhhgd; $da$gd%VhhhhhhhhhhhhhhhhhhhhhhhĴ~raSDhIhhOB*mHphsHh5B*mHphsH hIhhO5B*mHphsHhghO5mHsH1hg5B*CJOJQJ\^JaJmHphsHhVhO5CJaJmHsHhO5CJaJmHsHh)FhO5CJaJmHsHh? 85CJaJmHsH)hO5B*CJOJQJ\^JaJphhO)hO5B* CJOJQJ\^JaJph3hhhhhhhhhhhiiiiii,i>i?i@iAi $da$gd%Vdgd%V $a$gd%VgdIhgd;gdg & Fgd)Fgd)F$a$gd)Fhiiiiiiiii&i)i*i,i8i:ii?i@iAiEiGiµ‘zzzzfO:)hO5B*CJOJQJ\^JaJph,h7h%V5B*CJOJQJ^JaJph&h%V5B* CJOJQJ^JaJphp,h`h%V5B* CJOJQJ^JaJph&h%V5B* CJOJQJ^JaJphhh%V5CJaJmHsHh%V5CJaJmHsHhOh lhO5CJaJmHsH+h7hg5CJOJQJ^JaJmHsH%hg5CJOJQJ^JaJmHsHAiFiGijjjjjjjjjjjjjjjkk kkkkdgd%V $da$gd%V $da$gd%VgdIh$a$gdOHgd;Gi\iiiiiii5j>jcjpjjjjjjjjjjjjjjjjjj״׀iiU&h%V5B* CJOJQJ^JaJphp,h'/h%V5B*CJOJQJ^JaJph&h%V5B*CJOJQJ^JaJphhIhhOB*mHphsH hIhhO5B*mHphsHh5B*mHphsH)hO5B* CJOJQJ\^JaJph3hOhghOH5>*B*phhghOH5B*phhOH5B*phjjjjjjjjjjjjkk kkkkkk黤uuaJa,h'/h%V5B*CJOJQJ^JaJph&h%V5B*CJOJQJ^JaJph,h`h%V5B* CJOJQJ^JaJph&h%V5B* CJOJQJ^JaJphhO,h7h%V5B*CJOJQJ^JaJph&h%V5B* CJOJQJ^JaJphp2 j<hah%V5B* CJOJQJ^JaJphp,h&[!h%V5B* CJOJQJ^JaJphpkkkkkkkkk#k%k5k7k?kGkHkIkKkһҤҍtbOG<h)FhOmHsHhOmHsH%hO5B*CJOJQJ\aJph#hOB* CJOJQJ^JaJphf)hO5B*CJOJQJ\^JaJphhO,h7h%V5B*CJOJQJ^JaJph,h`h%V5B*CJOJQJ^JaJph,h&[!h%V5B* CJOJQJ^JaJphp&h%V5B* CJOJQJ^JaJphp2 j>hah%V5B* CJOJQJ^JaJphpkkkk$k%k6k7k@kAkBkCkDkEkFkGkIkJkKkMkNkOkPkQkRkSkTkUkgd)Fgd; $da$gd%VKkLk^knkxkykzk{k|kkklll l,l0lFlHlJlLlNlXlblflhlllrlvllllllllllll輱wdddddd%hO5B*CJOJQJ\aJphh)FhOmHsHhOmHsH)hO5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJphhhOmHsH-h5B*CJOJQJ\aJmHphsH)hO5B*CJOJQJ\^JaJphhO%hO5B*CJOJQJ\aJph'UkVkWkXkYkZk[k\k]k^kokpkqkrksktkukvkwkxkzk{k}k~kkkkkkgd)Fgd;kkkklllllllllll l"l$l&l(l*l,l2l4l6l8l:llgd;>l@lBlDlFlJlLlPlRlTlVlXldlfljllltlvllllllllllllgd;gd)Flllllll*m,m>m@mFmHmLmNmVmXmjmlmxmzmmmmmmm $da$gd<gd#dgd;llllllll(m*m,mS)hO5B*CJOJQJ\^JaJphhO)h'/hOB*CJOJQJ^JaJph#hOB*CJOJQJ^JaJph2 j>h&[!h<5B* CJOJQJ^JaJphp,h&[!h<5B* CJOJQJ^JaJphp&h<5B* CJOJQJ^JaJphp#h<B*CJOJQJ^JaJph,h'/h<5B*CJOJQJ^JaJph&h<5B*CJOJQJ^JaJphmmmmmmmmmn nnnnn2n4n:nhO5B* CJOJQJ^JaJphp,h&[!hO5B* CJOJQJ^JaJphp,h#dhO5B* CJOJQJ^JaJphp&h#d5B* CJOJQJ^JaJphp,h#dhO5B*CJOJQJ^JaJph4h#dh#d5B*CJOJQJ^JaJmHphsH ooooooooopp@pBpJpLpppppppp $da$gd?dgd<gd;dgd#d $da$gd#d $da$gd#d $da$gd;oooooooooooooo pppp0p4p8pphdP9P9P9P9,h`h#d5B* CJOJQJ^JaJph&h#d5B* CJOJQJ^JaJphhO,h7hO5B*CJOJQJ^JaJph&hO5B* CJOJQJ^JaJphp, j<h#d5B* CJOJQJ^JaJphp,h&[!h#d5B* CJOJQJ^JaJphp&h#d5B* CJOJQJ^JaJphp,h'/h#d5B*CJOJQJ^JaJph&h#d5B*CJOJQJ^JaJph>p@pBpHpLpbppppppppppppppppp徧~iT~?;hh)hh5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3)h#d5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph&hO5B* CJOJQJ^JaJphp,h`h<5B* CJOJQJ^JaJph&h<5B* CJOJQJ^JaJph%hO5B*CJOJQJ\aJphhO,h7hO5B*CJOJQJ^JaJphpppppppppppqq qqqqqq$q&qBqDqHqJqjqlqqgd%Vgdhgd;pppppqq qqqqqq"q&q@qDqFqJq`qhqjqlqqqqqzo\QEh|v|CJaJmHsHh h%VmHsH%h%V5B*OJQJ\mHphsHh#hOCJaJ/h#hO5B*CJOJQJ\^JaJph)hh5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph3)hO5B*CJOJQJ\^JaJphhO)hO5B* CJOJQJ\^JaJphffqqqqqqqqqqqqrr r rrrrr%r&r7r8rBrCrErgdgd_gd9gd%Vgd)Fqqqqqqqqqqqqqqqqqrrr r r r rrrrrrrr!r%r&r2rṵᠵᠵᠵድvk]h;5B*mHphsHh9hOmHsHh9hO5mHsHh;5mHsH)h%V5B* CJOJQJ\^JaJph3)h%V5B*CJOJQJ\^JaJphh%V)h%V5B*CJOJQJ\^JaJph hxh%Vh|v|CJaJmHsHhOhhOCJaJmHsHhOCJaJmHsH"2r7r8r9r=r@rBrCrDrFrGrIrJrLrMrOrPrRr\r^rdrfrhrjrkrmrurwrrrrr~~~~iT)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJph)hO5B*CJOJQJ\^JaJph%hO5B*CJOJQJ\aJph hGhO5B*mHphsHh;5B*mHphsHhOhGhOB*mHphsHErFrHrIrKrLrNrOrQrRr]r^rerfrirjrlrmrvrwrrrrrrrrrrgdrrrrrrrrrrrrrrrrrrrrrrrrr鿻鑆~saaL)h%V5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJphh)FhOmHsHhOmHsHh;hOmHsH-h;5B*CJOJQJ\aJmHphsH%hO5B*CJOJQJ\aJphh%V)h%V5B*CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJphhO#hOB*CJOJQJ^JaJphrrrrrrrrrrrrrrrrrrrrrr!s"sOs`sjsks & Fgdgdgd%Vrrrrrrrrrrrrrr s!s"s?sNsOs_s`sisjslsmsnsȵՎՎ~jZhVhO5CJaJmHsH'hB[h5CJOJQJaJmHsHhh5CJaJmHsH-h56B* CJOJQJaJmHphsHhhO5CJaJmHsH%h56B* CJaJmHphsHhO5CJaJmHsHh5CJaJmHsHhOh%V)h%V5B* CJOJQJ\^JaJphffkslsmsnspsqssstsssssssssssssssssssssgd%V & Fgdgdnsospsqsrssstsssssssssssssssssssssss٫٣٫ممp^^II)hO5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJph)hO5B*CJOJQJ\^JaJph%hO5B*CJOJQJ\aJphh;h%VmHsHh%VmHsH)h%V5B*CJOJQJ\^JaJphh%V)h%V5B*CJOJQJ\^JaJphhOh;hOmHsH-h;5B*CJOJQJ\aJmHphsHssssssssssssssssssssssss }qe}cL-h;5B*CJOJQJ\aJmHphsHUhOCJaJmHsHhCJaJmHsHhhOCJaJmHsHhCJaJmHsH#hOB*CJOJQJ^JaJph%hO5B*CJOJQJ\aJph)hO5B*CJOJQJ\^JaJph)hO5B* CJOJQJ\^JaJph)hO5B*CJOJQJ\^JaJphhOsssssssssssssssssss!"$%'(gdtaji nisu fer i objektivni E T t 1 2 80 16 80 16 (20 x 20%) (100 x 20%) 20 A FIG. 3. 16 TAX LIABILITY 4 So 80 So 4 So DEFERRED LIABILITY TP 80 So PROFIT x 100 = 20% 100 20 100 20 (20 x 20%) 4 4 LEGAL RATE 20% = x 100 = 20% 100 20 100 20 (20 x 20%) 4 DEFERRED LIABILITY TP 4 (80 x 20%) 16 100 So 16 (80 x 20%) 16 100 So GROSS PROFIT 16 TAX LIABILITY godina nastanka: dobit 80 Opor. 100 dobit un. ? Ra ? godina ukidanja: dobit Opor. dobit 80 un. ? Ra !"#$%&()+-./1235679:;EFGRSTVWXYZ[tt]-h;5B*CJOJQJ\aJmHphsH)h%V5B* CJOJQJ\^JaJphff)h%V5B*CJOJQJ\^JaJph)h%V5B* CJOJQJ\^JaJph3h%V)h%V5B*CJOJQJ\^JaJph#hOB*CJOJQJ^JaJphh)FhOmHsHhOmHsHhOh;hOmHsH!(*+./2367:;FGSTWXZ[cdghwxy~gd%Vgd[^`abcdfghvwxy}~ɴɣu`uɣP`h h%V5CJaJmHsH)h%V5B* CJOJQJ\^JaJph3)h%V5B*CJOJQJ\^JaJphh h%VaJhxh%V5CJaJmHsHh%V5CJaJmHsHh%V)h%V5B* CJOJQJ\^JaJphffhOhOCJaJmHsHhCJaJmHsHhhOCJaJmHsHhCJaJmHsHgd%V   ¾¾¾ש¾הה׍ה¾ׅz¾¾¾שh;h%VmHsHh%VmHsH hxh%V)h%V5B*CJOJQJ\^JaJph)h%V5B* CJOJQJ\^JaJph3h%V)h%V5B*CJOJQJ\^JaJphhhqh%VmHsH1h%V5B*CJOJQJ\^JaJmHphsH0  ()+,CDEFHITUXY`gd%V'()*+,?@BCDEFGHISTUWXY_`acdeopqstu{|}xhqh%VmHsH1h%V5B*CJOJQJ\^JaJmHphsH)h%V5B* CJOJQJ\^JaJph3)h%V5B* CJOJQJ\^JaJphffhxh%V5CJaJmHsHh%V5CJaJmHsH)h%V5B*CJOJQJ\^JaJphhh%V/`adepqtu|}gd%V   $hsn8hXCJOJQJaJmHsHhL%h%V5B*CJOJQJ\aJphh%Vh%VB* OJQJ^Jphfh3  $a$gd{gd%V21h:plCR/ =!"#$% DyK bramljak@efst.hryK 0mailto:bramljak@efst.hrDyK pasko.anic-antic@zg.htnet.hryK Hmailto:pasko.anic-antic@zg.htnet.hr7$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9/ / / /  / /  / a]pZytl {kd$$Ifl  M#''N  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9/ / / / /  /  / /  a]pZytl {kdt$$Ifl  M#''N  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9 / /  / / /  /  / /  a]pZytl {kd8 $$Ifl  M#''''N''''''  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9 / /  / / /  /  / /  a]pZytl {kd$$Ifl  M#''''N''''''  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9 / /  / / /  /  / /  a]pZytl {kd$$Ifl  M#''''N''''''  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9 / /  / / /  /  / /  a]pZytl {kd$$Ifl  M#''''N''''''  tP'6$$$$44 la]pZytl E$$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  tP'6, 555N555555 9 / / / / /  /  /  / a]pZytl {kdH$$Ifl  M#''''N''''''  tP'6$$$$44 la]pZytl $$If]!v h555N555555 #v#v#vN#v#v#v#v#v#v :V l  t'6, 555N555555 9 / / /  / / a]pZytl 3kd #$$Ifl  M#''''N''''''  t'6$$$$44 la]pZytl $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ / / / /  / / / a]pFytOHkd'$$Ifl֞ .Z% &'{=  tF&644 la]pFytOH$$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ /  / / / / / a]pFyt4T kd"+$$Ifl֞ .Z% &'{=  tF&644 la]pFyt4T $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ /  / / / / / / a]pFyt4T kd /$$Ifl֞ .Z% &'''{''=''  tF&644 la]pFyt4T $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ /  / / / / / / a]pFyt4T kd,3$$Ifl֞ .Z% &'''{''=''  tF&644 la]pFyt4T $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ /  / / / / / / a]pFyt4T kd87$$Ifl֞ .Z% &'''{''=''  tF&644 la]pFyt4T $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ /  / / / / / / a]pFyt4T kdD;$$Ifl֞ .Z% &'''{''=''  tF&644 la]pFyt4T $$If]!vh555{55=55#v#v#v{#v#v=#v#v:V l  tF&6,555{55=559/ / / / / / /  / a]pFyt4T kdP?$$Ifl֞ .Z% &'''{''=''  tF&644 la]pFyt4T Dd CD  3 @@"?Dd D  3 @@"?Dd>D  3 @@"?Dd>2D  3 @@"?Dd> D  3 @@"?Dd>ID  3 @@"?DyK  www.iasb.orgyK Bhttp://www.iasb.org/yX;H,]ą'cDyK  www.ifac.orgyK Bhttp://www.ifac.org/yX;H,]ą'cDyK  www.osfi.hryK @http://www.osfi.hr/yX;H,]ą'c,666666666vvvvvvvvv6666>666666666666666666666666666666666666666666666hH66666666666666666666666666666666666666666666666666666666666666666J@J lCRNormal dCJ_HaJmH sH tH ^@^ &V[ Heading 1$<@&"5CJ KH OJPJQJ\^JaJ `@` #cf5 Heading 2$<@&$56CJOJPJQJ\]^JaJZ@Z 'V[ Heading 3$<@&5CJOJPJQJ\^JaJDA@D Default Paragraph FontRi@R 0 Table Normal4 l4a (k( 0No List DOD c=4 List Paragraph ^m$>@> HIK Footnote TextCJaJ.. HIK Char Char7@&@!@ HIKFootnote ReferenceH*pC@2p ZBody Text Indent$d^a$CJOJPJQJaJmHsHFOAF Z Char Char6CJOJPJQJmHsH2B@R2 30 Body Textx6Oa6 30 Char Char5CJaJ\Q@r\ 3 Body Text 3 dx CJOJPJQJaJmHsHtHNON 3 Char Char4 CJOJPJQJaJmHsHtHrR@r 3Body Text Indent 2dx^ CJOJPJQJaJmHsHtHNON 3 Char Char3 CJOJPJQJaJmHsHtHvv | Table Grid7:V0 OJPJQJ^ @^ MFooter p#d CJOJPJQJaJmHsHtHNON M Char Char2 CJOJPJQJaJmHsHtHjOj Mt-98-2 $Vd+7$8$`Va$$CJOJPJQJ^JaJmHsHtH^Z@^ M Plain Text d$CJOJ PJQJ ^J aJmHsHtHJOJ M Char Char1OJ PJQJ ^J mHsHtHZOZ M Potpisnik!$da$CJOJPJQJaJmH sH ZO"Z M Char Char1 Char "dCJOJ PJQJ aJRO1R cf5 Char Char9$56CJOJPJQJ\]^JaJ<PB< % 0 Body Text 2 $dx4Q4 $ 0 Char CharCJaJROaR V[ Char Char10"5CJ KH OJPJQJ\^JaJ LOqL V[ Char Char85CJOJPJQJ\^JaJ6U@6 O Hyperlink >*B*ph.)@. i5 Page Numberh^@h I Normal (Web)*ddd[$\$ CJOJPJQJaJmHsHtHDOD \Tg Char Char2CJ_HaJmHsHtH$;>PC/DIJdeLl!m] md/2!%/016HVZ^kosw{,04AEIMQ`ct$36HRZ^cgjotx|}  )*;?CPRhijvz~ -.589<Lt  !9UV[lpsw -.O]ev*2D`          ! " # $ % & ' ( ) * + , - . / 3 4 5 6 7 8 9 : ; < ? B C D E L O T \ a d h i n }   " & 3 7 ; ? C R U g  : ? f o v   $ ( , ? Q \ _ b e h k w  ; -0369<@DHLXeiluy  !%*.:=UWZfjrv  #']_^SRQPEMUV`abcfgijlmopqsvnmlk  _]^5 )T "#%&()*,/2 / `ab* cef0 gip q  }   i  ' / W,( - "{|3 ;<>@ABCFGIJLMNQSUVWX[\^_aj ehf jose z   !"#$%&'()*+,-./012  3456789:;<= > ? @ A BCDEFGHIJKLMNO  PQ R !S6 8 9 : = I T U V W b c d  f i j k n o q r t u w x y                       h g d b c Q \ ` a b d e f g h i t u v w      _ ^                a    $ ( ) * = ` kjihg[YXWLKJIX!%/016HVZ^kosw{,04AEIMQ`ct$36HRZ^cgjotx|}  )*;?CPRhijvz~ -.589<Lt  !9UV[lpsw -.O]ev*2D`          ! " # $ % & ' ( ) * + , - . / 3 4 5 6 7 8 9 : ; < ? B C D E L O T \ a d h i n }   " & 3 7 ; ? C R U g  : ? f o v   $ ( , ? Q \ _ b e h k w  ; -0369<@DHLXeiluy  !%*.:=UWZfjrv  #'*      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~] D9NO@AJK" &D{^ [#\##%g(h((+++++O.155(6]8;<@@2DvGwGGII"JJ?KFKQK\KKKK(L1L@LSLTLWLZL]L`LlLLLLLLLLLLLLLLLLLMMM M,M:MFMRMSM]MiMnM|MMMMMMMMMMMMM NN"N#N-N?@ABDESTWX[\_`rsãģУѣӣԣ֣ףnoѤҤԤդ %&235689ABDE`acdfgijlmopstwx{|åĥʥ˥Хѥ $%'()*,-=>@AOPTUXY]^abmnpq¦ЦѦԦզ  !#$56=>DENOSTVWZ[^0000000000000000000000000000000000000000000000000000000000000 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0000000@0@0@0@0000 00 0 00 0 00 00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000000000000000000000000000 0 00000000000000 0 0000000000000000000000 0 0 0 0 0 0 0 0 0 0  0 000@0@0@0@0@0@0@0@0@0@0@0@0@0@0@000/@000@000@000@000@0@0@0@0@0@000, 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 00 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 $$$' Zz'-1c35:7?DIMQSUWcZ[|\9]Q_bfhkmpGr#vvxZ}1ƈDF"IDܩTҬ87ȯ-hhhGijkKklmmnoo>ppq2rrrnss [X[\]_`abcdfghijklmosuvy{|}~4QTUVW7Z([ \\mx( [`RD ګ^j~AhhAikUkk>llmvnopqErrkss(`Y^enpqrtwxzZLs74VLVOVX_p_s_Pdhdkdhhh#m;m>mmmmGjwy͓ٓ]XX______XXX  '!!l( o"$ p>2=m"$0٣ x8L"$̃l Yl9"$[s#45W, m1"${{rzHD ,!"$Ye%)4~ }0 33f@ȭ:^(  k i> 23  "<?n 3 c $X99?"i>\ 4 3 ""n 4h @ 5 ""@ 6 zBCDEFs3 @`""@bB 7 C ""s 8 zBCsDEFysss @`""@bB 9 C y""@\ : 3 ""bB ; C  ""bB < C  ""bB = C  ""bB >B C  ""h   ? ""  @ zBCDEFs3 @`"" bB A C "" B zBCsDEFy[sss @`"" N bB C C y["" N \ D 3 u""N bB E C  ""N bB F C m ""bB G C  ""N bB HB C m ""N O  I <I""| @  J <J""X H  K <K""   L <L""So h T  M ""T  N zBC DEFqq s  @`""p bB O C qq""ps P zBCsDEFLLsss @`""T N bB Q C LL""p N \ R 3 bb""TN pbB S C kk ""TN UbB T C [[ ""TpbB U C uu ""pN qbB VB C [[ ""TN pO  W <W"" l  X <X""g/  Y <Y""Il ) \ Z 3 "" l > [ <[""X H \ \ 3 ""n4m h   ] ""  ^ zBC DEF s  @`"" bB _ C ""  ` zBCsDEFy[sss @`""pbB a C y[""p\ b 3 u""p bB c C  ""p bB d C m ""  bB e C  ""p bB fB C m ""pq g <g""| @  h <h""X   i <i""   j <j""R   k <k""B  h Ub  l ""Ub  m zBCDEFs3 @`""qb bB n C ""q  o zBCsDEFysss @`""UbbB p C y""qb\ q 3 ""Uq bB r C  ""UV bB s C  ""U q bB t C  ""qr bB uB C  ""Uqh U v ""U w zBCDEFqqs3 @`""qbB x C qq""q0 y zBCsDEFLLsss @`""UpbB z C LL""qp\ { 3 bb""UpqbB | C kk ""UpVbB } C [[ ""UqbB ~ C uu ""qprbB B C [[ ""Upqq  <"">   6""    <""IV \  3 ""sRr   <""J   <""q F  \B  3 ""no  <"" |V  \B  3 ""9:\B  3 "" 8 k   <""a {% \B  3 ""   <""Y   <"" Y   <""q F  \B  3 ""no\B  3 ""9:\B  3 "" 8 k   <""a {% \B  3 ""   <""Y   <"" Y   <"" Y    <""KSH    6""K \B  3 ""no \B  3 ""   <""YC    <""a    <""q    <""a K  \B  3 "" ; <   <""J w    <""& `  \B  3 ""p    <""  #    <""u ]r    <"" `    <"" Y    <""KH  \B  3 ""no \B  3 ""   <""YC    <""a    <""q    <""a K  \B  3 "" ; <   <""J w    <""& `  \B  3 ""p    <""  #    <"" ]   \B  3 ""  \B  3 ""   <""a 5 o   6""\  \B  3 ""n o\B  3 ""    <""k  \B  3 ""  \B  3 ""   <""a 5 o \B  3 ""n o\B  3 ""    <""k    <""(   <""q % _ \B  3 ""no\B  3 ""  <""7q   <"" 7q   <""a    <""q l    <""a l  \B  3 ""   <"")wc   <""w> \B  3 ""p  <"" ^#   <""T]Q   <""`   <""8   <""q % _ \B  3 ""no\B  3 ""  <""7q   <"" 7q   <~""a  ~  <x""q l  x  <e""a l  e\B  3 ""   <d"")wc d  <c""w> c\B  3 ""p  <b"" ^# b  <a""8 a  <`""j<g `  <_""p i f _\  3 ""; D  <\""B;I \  3 rԔNa(1d?#" ?r   3 rԔNa(1d?#" ?r    3 rԔNa(1d?#" ?u p(   3 rԔNa(1d?#" ?_;V R  C Oc"$??D YR  C Oc"$??S |  C Oc"$??w *>   C Oc"$??Y  'R  C Oc"$??5 X#  C Oc"$??aP<J  C B2CDEFpOO>#  ' 22#22' [  ' 2 2 2[2i'tt ti[ g Y N N 'N 2Y 2g 2 2 '    ' 2 2 2 2 '  A  ' 2 2 2A 2O 'Z Z Z O A M? 44'42?2M22'  '2222' ' xx'x222'25'@@ @5'3% '2%2322' k '222k2y' yk wi ^^'^2i2w2 2'&& &  '2 222' @    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `"H  ?jr  C Oc"$??T(n2  S jJ#" ?rin2  S jJ#" ?cP B S rtOc"$??(Jn2  S jJ#" ?i n2  S jJ#" ?V)n"  S OT#" ,?bw Z 9#  "<?n 8 c $X99?"Z\ : 3 ""4zZ k D""k ; tBCDEFk @`""jbB < C ""j = tBCkDEFykkk @`""JbB > C y""J\ ? 3 ""JjbB @ C  ""JjbB A C  ""jkbB B C  ""JjbB CB C  ""JK E <E""V~ Z  O"" F tBC{DEF{l{ @`""bB G C "" H tBClDEFy[lll @`"" bB I C y["" \ J 3 u"" bB K C  "" bB L C m ""bB M C  "" bB NB C m ""   P <P""|e@  Q <Q""Xe  R <R""e  S <S""S Z Tl ]""Tl T tBCDEFqql^ @`""pkbB U C qq""pk V tBClDEFLLlll @`""T bB W C LL""p \ X 3 bb""T pkbB Y C kk ""T UkbB Z C [[ ""TkplbB [ C uu ""p qkbB \B C [[ ""T p ^ <^""!  _ <_""ig  ` < `""[L   a < a""IG@   b < b""p   c < c""q    \B d 3 ""nlo\B e 3 ""lm f <f""  g <g""  < h  B"CDEF>>T TT[dnu uuund[TTTTT[dnuuuund[TTyTTT[dnuuyupuhnhdh[pTyTbTTT[dnuubuYuRnRdR[YTbTLTTT[dnuuLuCu;n;d;[CTLT5TTT[dnuu5u,u$n$d$[,T5TTTT[dnuuuund[TTTlTuT|[|d|nuuluuund[TTTUT^Tf[fdfn^uUuuund[TTT> TH TO [O dO nH u> uuund[TT T( T1 T8 [8 d8 n1 u( u u u n d [ T T T T T" [" d" n u u u u n d [ T T T T T [ d n u u u u n d [ T T T T T [ d n u u uw uo no do [w T Ti T T T [ d n u ui u` uX nX dX [` Ti TRTTT[dnuuRuIuBnBdB[ITRT<TTT[dnuu<u3u+n+d+[3T<T%TTT[dnuu%uund[T%TTrT|T[dn|uruuund[TTT\TeTl[ldlneu\uuund[TTTETNTV[VdVnNuEuuund[TTT.T8T?[?d?n8u.uuund[TTTT!T([(d(n!uuuund[TTTT T[dn uuuund[TTTTT[dnuuu}uvnvdv[}TTpTTT[dnuupugu_n_d_[gTpTYTTT[dnuuYuPuHnHdH[PTYTBTTT[dnuuBu9u2n2d2[9TBT,TTT[dnuu,u#und[#T,TTyTT[dnuyuu und[ TTTbTlTs[sdsnlubuuund[TTTLTUT\[\d\nUuLuuund[TTT5T>TF[FdFn>u5uuund[TTTT(T/[/d/n(uuuund[TTT T T [ d n u uuund[TT T T T![!d!n u u u u| n| d| [ T Tv!T!T!T![!d!n!u!uv!um!uf!nf!df![m!Tv!T`"T"T"T"["d"n"u"u`"uW"uO"nO"dO"[W"T`"TdDH@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@`""p E i <i""q  $   j <j""a  $  \B k 3 ""  l <l""w  m <m""yw  \B n 3 ""pZ[ o <o"" #   p <p""<^  q <q""   r BC`DE F*33HH`0@`"" + s <s"" - g \B t 3 ""\B u 3 ""   v <v""a  V \ w 3 ""4z  <"""B "  <#""q   #\B  3 ""nlo\B  3 ""lm  <$"" $  <%""  %  <&""q  $  &  <'""a  $  '\B  3 ""   <(""w (  <)""yw  )\B  3 ""pZ[  <*"" #  *  <+""<^ +  <,""`  ,  6-"" -K  -\B  3 ""\B  3 ""    <.""a  V .\  3 ""G  6/""(  /\  3 ""{4Z    ""    tBCDEFl^ @`""  bB  C ""j    tBClDEFy[lll @`"" x bB  C y["" x \  3 u""x  bB  C  ""x  bB  C m ""  bB  C  ""x  bB B C m ""x y   <0""| @  0  <1""X   1  <2""   2  <3"" C 3  <4"" & 4Z UK   ""UK    tBCDEFl @`""qK  bB  C ""qj    tBClDEFylll @`""UK  bB  C y""qK  \  3 ""U q bB  C  ""U V bB  C  ""U q bB  C  ""q r bB B C  ""U q   <5"" b 5Z U   ""U    tBC{DEFqq{l{ @`""q  bB  C qq""q    tBClDEFLLlll @`""U x bB  C LL""q x \  3 bb""Ux q bB  C kk ""Ux V bB  C [[ ""U q bB  C uu ""qx r bB B C [[ ""Ux qy   <6"" @  6  <7""   7  <9""W p  9  <:""q C }  :\B  3 ""n o \B  3 ""    <;""U   ;  <<"" U   <    ` B!CDEFd$$S SS[dmu uuumd[SSSSS[dmuuuumd[SSySSS[dmuuyupuhmhdh[pSySbSSS[dmuubuYuRmRdR[YSbSLSSS[dmuuLuCu;m;d;[CSLS5SSS[dmuu5u,u$m$d$[,S5SSSS[dmuuuumd[SSSlSuS|[|d|muuluuumd[SSSUS^Sf[fdfm^uUuuumd[SSS> SH SO [O dO mH u> uuumd[SS S( S1 S8 [8 d8 m1 u( u u u m d [ S S S S S" [" d" m u u u u m d [ S S S S S [ d m u u u u m d [ S S S S S [ d m u u uw uo mo do [w S Si S S S [ d m u ui u` uX mX dX [` Si SRSSS[dmuuRuIuBmBdB[ISRS<SSS[dmuu<u3u+m+d+[3S<S%SSS[dmuu%uumd[S%SSrS|S[dm|uruuumd[SSS\SeSl[ldlmeu\uuumd[SSSESNSV[VdVmNuEuuumd[SSS.S8S?[?d?m8u.uuumd[SSSS!S([(d(m!uuuumd[SSSS S[dm uuuumd[SSSSS[dmuuu}uvmvdv[}SSpSSS[dmuupugu_m_d_[gSpSYSSS[dmuuYuPuHmHdH[PSYSBSSS[dmuuBu9u2m2d2[9SBS,SSS[dmuu,u#umd[#S,SSySS[dmuyuu umd[ SSSbSlSs[sdsmlubuuumd[SSSLSUS\[\d\mUuLuuumd[SSS5S>SF[FdFm>u5uuumd[SSSS(S/[/d/m(uuuumd[SSS S S [ d m u uuumd[SS S S S![!d!m u u u u| m| d| [ S Sd0!!d0!0!/0@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@`@`""p ~    <=""q   =  <>""a K  >\B  3 ""   <?""w ?  <@""s @\B  3 ""pTU  <A"" # A  <B""<W B  <C"" C  BC`DE F*33HH`0@`"" %  <D""  D\B  3 ""Y Z \B  3 "" Y   <E""a %  E\  3 ""{4  <F""| @  F  <J"" & J  <O""W  O  <P""q C }  P\B  3 ""n o \B  3 ""    <Q""U   Q   <R "" U   R " <S"""q   S # <T#""a K  T\B $ 3 ""  % <U%""w U & <V&""s V\B ' 3 ""pTU ( <W("" # W ) <X)""<W X * <Y*""` Y , 6Z,"" +  Z\B - 3 ""Y Z \B . 3 "" Y  / <[/""a %  [zR 0 C OS"?` =R 1 C Oc"$??o X  z 2 C OS"?K  3 C Oc"$??x +   3 r8 ԔNa(1d?#" ?crN 8   3 r! ԔNa(1d?#" ?~, !   T8 ԔNa(1d?#" ?  8   3 rN ԔNa(1d?#" ?j  Nj <| F#  "<?n E c $X99?"><|\ G 3 "F46 Z " Q"F" H tBCDEFm" @`"F!bB I C "F! J tBCmDEFymmm @`"FbB K C y"F\ L 3 "F!bB M C  "F!bB N C  "F!"bB O C  "F!bB PB C  "FZ M \"FM S tBCDEFm @`"FMbB T C "Fb U tBCmDEFy[mmm @`"FMbB V C y["FM\ W 3 u"FbB X C  "FbB Y C m "FbB Z C  "FbB [B C m "F ] 6H"F|@ H ^ 6I"FX I _ 6G"F GZ TN# j"FTN# a tBCDEFqqmg @`"FpN"bB b C qq"Fp" c tBCmDEFLLmmm @`"FTNbB d C LL"FpN\ e 3 bb"FTp"bB f C kk "FTU"bB g C [[ "FT"p#bB h C uu "Fpq"bB iB C [[ "FTp k 6"F`  l 6"Fg  m 6"F[Lm  n 6"FI \ o 3 "F >8   6k"F9 k  6l"Fq   l\B  3 "Fno?\B  3 "F  6m"F9s m  6n"F 9s n  6o"FS o  0p"F/ p\B  3 "Fn`o\B  3 "F`a  6s"F}A*{  s  6t"Fq   t  6u"Fa   u\B  3 "F ST  6v"Fcw  v  6w"F3 wm  w\B  3 "Fp    6x"F #  x  6y"F]  y  6z"F  z  6{"F /  {\B  3 "F\B  3 "F  t   6|"Fa   |  6}"F!  }   B2CDEFp#  ' 22#22' [  ' 2 2 2[2i'tt ti[ g Y N N 'N 2Y 2g 2 2 '    ' 2 2 2 2 '  A  ' 2 2 2A 2O 'Z Z Z O A M? 44'42?2M22'  '2222' ' xx'x222'25'@@ @5'3% '2%2322' k '222k2y' yk wi ^^'^2i2w2 2'&& &  '2 222' @    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `"F2:  6"Fq   \B  3 "Fno?\B  3 "F  6"F9s   6"F 9s \B  3 "Fn`o\B  3 "F`a  6"F}A*{    6"Fq     6"Fa   \B  3 "F ST  6"Fcw    6"F3 wm  \B  3 "Fp    6"F #  \B  3 "F\B  3 "F  t   0"Fa     6"F!  8  # B2CDEFpOO>#  ' 22#22' [  ' 2 2 2[2i'tt ti[ g Y N N 'N 2Y 2g 2 2 '    ' 2 2 2 2 '  A  ' 2 2 2A 2O 'Z Z Z O A M? 44'42?2M22'  '2222' ' xx'x222'25'@@ @5'3% '2%2322' k '222k2y' yk wi ^^'^2i2w2 2'&& &  '2 222' @    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `"B  F2:\  3 "FV  6"FV \  3 "F8 4Z   "F   tBCDEFmg @`"F bB  C "F4  tBCmDEFy[mmm @`"F : bB  C y["F : \  3 u"F: bB  C  "F: bB  C m "FbB  C  "F: bB B C m "F: ;   6"F| @N   6"FX {   6"F N   6"F    6"FP Z U "FU  tBCDEFm" @`"FqbB  C "Fq4  tBCmDEFymmm @`"FUbB  C y"Fq\  3 "FUqbB  C  "FUVbB  C  "FUqbB  C  "FqrbB B C  "FUq  6"F) Z U O "FU O  tBCDEFqqm @`"Fq NbB  C qq"Fq N  tBCmDEFLLmmm @`"FU : bB   C LL"Fq : \   3 bb"FU: qNbB   C kk "FU: VNbB   C [[ "FUNqObB   C uu "Fq: rNbB B C [[ "FU: q;   6"F    6"FK    6"FIp i  \  3 "F8 4  6"F| @N   6"FX {  " 6"FP  ; 6"F   < 6"Fq  @ \B = 3 "Fn o  > 6"F   \B ? 3 "F   @ 6"F R  A 6"F  R  B 6"FB  C 6"F` Y  F 6"Fq    G 6"Fa K  \B H 3 "F bc I 6"Frw  J 6"FB| \B K 3 "Fp#$ L 6"F #  M 0"F<$  N 6"F`$  Q 6"Fq  @ \B R 3 "Fn o  S 6"F   \B T 3 "F   U 6"F R  V 6"F  R  W 6"FB  X 6"F` Y  [ 6"Fq    \ 6"Fa K  \B ] 3 "F bc ^ 6"Frw  _ 6"FB| \B ` 3 "Fp#$ a 6"F #  e 6"F i /  \B f 3 "F  \B g 3 "F   h 6"Fa [ %  j 0"F9 \B m 3 "FnoD\B n 3 "F o 6"F  \B q 3 "F  \B r 3 "F   s 6"Fa [ % \B x 3 "FnoD\B y 3 "F z 6"F   { 3 r{ԔNa(1d?#" 6?  | T|ԔNa(1d?#" 6?   } C Oc"$6??E M  ~ C Oc"$6??~ 1iR  C Oc"$?? ]  C Oc"$??4#NR   C Oc"$??D  R   C Oc"$??D G   3 rF ԔNa(1d?#" ?J F   3 rG ԔNa(1d?#" ?  Gu > #  "<?n  c $X99?">\  3 ""S4) Z   ""   tBCyDEFyy @`"" bB  C ""  tBCDEFy[ @`"" bB  C y["" \  3 u""bB  C  ""bB  C m ""bB  C  ""bB B C m ""  6)""|NX )  6(""XN (  6'""N '  6&""%? &  6%"" %Z U ""U  tBCDEFS @`""qbB  C ""q  tBCDEFy @`""U1bB  C y""q1\  3 ""U1qbB  C  ""U1VbB  C  ""UqbB  C  ""q1rbB B C  ""U1q2Z U  ""U   tBCDEFqqo @`""q bB  C qq""qz  tBCDEFLL @`""U bB  C LL""q \  3 bb""UqbB  C kk ""UVbB  C [[ ""UqbB  C uu ""qrbB B C [[ ""Uq  6#"" #  6""o   6""Iu   6]""a ]  6^""q w#  ^\B  3 ""n0oK  6"" }  \B  3 ""LM\B  3 "" K   6\""a e \\B  3 ""01  6""   6""      ` B!CDEFd$$T TT[dnu uuund[TTTTT[dnuuuund[TTyTTT[dnuuyupuhnhdh[pTyTbTTT[dnuubuYuRnRdR[YTbTLTTT[dnuuLuCu;n;d;[CTLT5TTT[dnuu5u,u$n$d$[,T5TTTT[dnuuuund[TTTlTuT|[|d|nuuluuund[TTTUT^Tf[fdfn^uUuuund[TTT> TH TO [O dO nH u> uuund[TT T( T1 T8 [8 d8 n1 u( u u u n d [ T T T T T" [" d" n u u u u n d [ T T T T T [ d n u u u u n d [ T T T T T [ d n u u uw uo no do [w T Ti T T T [ d n u ui u` uX nX dX [` Ti TRTTT[dnuuRuIuBnBdB[ITRT<TTT[dnuu<u3u+n+d+[3T<T%TTT[dnuu%uund[T%TTrT|T[dn|uruuund[TTT\TeTl[ldlneu\uuund[TTTETNTV[VdVnNuEuuund[TTT.T8T?[?d?n8u.uuund[TTTT!T([(d(n!uuuund[TTTT T[dn uuuund[TTTTT[dnuuu}uvnvdv[}TTpTTT[dnuupugu_n_d_[gTpTYTTT[dnuuYuPuHnHdH[PTYTBTTT[dnuuBu9u2n2d2[9TBT,TTT[dnuu,u#und[#T,TTyTT[dnuyuu und[ TTTbTlTs[sdsnlubuuund[TTTLTUT\[\d\nUuLuuund[TTT5T>TF[FdFn>u5uuund[TTTT(T/[/d/n(uuuund[TTT T T [ d n u uuund[TT T T T![!d!n u u u u| n| d| [ T Td0!!d0!0!/0@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@`@`""p   6L""q #  L  6K""a l  K\B  3 ""   6"">    6""1  \B  3 ""p  6""  x    6""G    6""  x    BCqDE F*33UUq8@`"" f\  3 ""S4)  '  6""a  (  6""q w#  \B )  3 ""n0oK *  6e"" }  e\B +  3 ""LM\B ,  3 "" K  -  6""a e \B .  3 ""01 /  6`"" ` 0  6i""  i 2  6_""q #  _ 3  6""a l  \B 4  3 ""  5  6M"">  M 6  6+""1  +\B 7  3 ""p 8  6,""  x  , 9  6-""G  - :  <.: "":`  .\ <  3 ""% =  6/""T /\ >  3 ""* 4zZ d7 H ""d7 ?  tBCDEFS @`""d6bB @ C ""6 A  tBCDEFy @`""dbB B C y""d\ C  3 ""6bB D  C  ""6bB E  C  ""67bB F C  ""6bB G B C  "" I  60""V+ 0Z   S ""  J  tBCDEFo @`"" bB K C "", L  tBCDEFy[ @`"" < bB M C y["" < \ N  3 u""< bB O  C  ""< bB P  C m ""bB Q C  ""< bB R B C m ""< =  T  61""| XJ 1 U  62""X \ 2 V  63"" J 3 W  64""S} ! 4Z T 7 a ""T 7 X  tBCyDEFqqyy @`""p 6bB Y C qq""p6 Z  tBCDEFLL @`""T < bB [ C LL""p < \ \  3 bb""T< p6bB ]  C kk ""T< U6bB ^  C [[ ""T6p7bB _ C uu ""p< q6bB ` B C [[ ""T< p=  b  65""  5 c  66"" { 6 d  67""[jd 7 f  69"" 5  9\B g  3 ""  \B h  3 ""  i  6:""a #  : j  6;"" p ; k  6<""q - #  <\B l  3 ""n o \B m  3 ""   n  6="",  = o  6>"" , s >  p   ` B!CDEFd$$T TT[dnu uuund[TTTTT[dnuuuund[TTzTTT[dnuuzupuinidi[pTzTcTTT[dnuucuZuRnRdR[ZTcTLTTT[dnuuLuCu<n<d<[CTLT6TTT[dnuu6u,u%n%d%[,T6TTTT[dnuuuund[TTTlTvT}[}d}nvuluuund[TTTVT_Tf[fdfn_uVuuund[TTT? TH TP [P dP nH u? uuund[TT T( T2 T9 [9 d9 n2 u( u u u n d [ T T T T T" [" d" n u u u u n d [ T T T T T [ d n u u u u n d [ T T T T T [ d n u u uw up np dp [w T Tj T T T [ d n u uj u` uY nY dY [` Tj TSTTT[dnuuSuJuBnBdB[JTST<TTT[dnuu<u3u,n,d,[3T<T&TTT[dnuu&uund[T&TTsT|T[dn|usuuund[TTT\TeTm[mdmneu\uuund[TTTFTOTV[VdVnOuFuuund[TTT/T8T@[@d@n8u/uuund[TTTT!T)[)d)n!uuuund[TTTT T[dn uuuund[TTTTT[dnuuu~uvnvdv[~TTpTTT[dnuupugu`n`d`[gTpTZTTT[dnuuZuPuInIdI[PTZTCTTT[dnuuCu:u2n2d2[:TCT,TTT[dnuu,u#und[#T,TTzTT[dnuzuu und[ TTTcTlTt[tdtnlucuuund[TTTLTUT][]d]nUuLuuund[TTT6T?TF[FdFn?u6uuund[TTTT(T0[0d0n(uuuund[TTT T T [ d n u uuund[TT T T T![!d!n u u u u} n} d} [ T Td0!!d0!0!/0@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@`@`"" \   q  6?""q # ; ? r  6@""a  ; @\B s  3 "" pq t  6A"" A u  6B""u B\B v  3 ""pQR w  6C"" + C x  6D""GX D y  6E"" + E z  BCrDE F*33UUr9@`"" \ {  3 ""* 4z   6H""X \ H   6M""[jd M   6O"" 5  O\B   3 ""  \B   3 ""    6P""a #  P   6Q"" m Q   6R""q - #  R\B   3 ""n o \B   3 ""     6S"",  S   6T"" , s T   6U""q # ; U   6V""a  ; V\B   3 "" pq   6W"" W   6X""u X\B   3 ""pQR   6Y"" + Y   6Z""GX Z   6[""` [R   C Oc"$??C    C Oc"$?? :4   C Oc"$??T R   C Oc"$??R @     3 rJ ԔNa(1d?#" ? J   3 rI ԔNa(1d?#" ?  I   3 rK ԔNa(1d?#" ? , K   3 rL ԔNa(1d?#" ?)u L8    #  "<? n   c $X99?"2 \   3 ":v \   3 Դ":0Z K`  ":K`   tBrCDEFF.`r_d @`":xYbB  C F.":xY   tBCfDEF/-`f`-` @`":]bB  C /":   tB?CjDEF(yPj-c? @`":K`bB  B C  `@ ":K]`bB  C W: ":KYx`bB  C $lH ":xYbB  B C T8 ":]   6":6G; 0Z @`  ":@`   tBrCDEF`r_d @`":@YbB  C ":-Y   tBCfDEFx-`f`-` @`":@bB  C x":@   tB?CjDEFj-c? @`":`bB  B C  ":`bB  C  ":Y`bB  C  ":YbB  B C  ":   6":6; :    BACDELF8!???????!!?A??@    `@`":oB \B   3 ":t\B   3 ":A tB    6":      6":Z    6$": ' Z $:    B Cv/DELF8N3/NNvlXXXv3/X/v/v/lv/NX/N3/    @    `@`":V0Z Kq   ":Kq    tBrCDEFF.`r_d @`":xj bB  C F.":x j    tBCgDEF/-`g`-` @`":]bB  C /":   tB?CjDEF(yPj-c? @`":Kq bB  B C  `@ ":K]q bB  C W: ":Kj xq bB  C $lH ":xj bB  B C T8 ":]   6":GGL  0Z   c   ":  c    tBrCDEF_r_c @`":  \ bB  C ":  \    tBCfDEFx-_f`-_ @`":  bB  C x":     tB?CjDEFj-c? @`":  c bB  B C  ":  c bB  C  ": \ c bB  C  ":  \ bB  B C  ":     6": :| ?  :    BACDELF8!???????!!?A??@    `@`":o B \B   3 ": 0 \B   3 ":A B 0    6":     6": k     6": ' k  :    BCDELF8M;,,,;M@    `@`":V/ ^    B2CDEF' '22'22' _ '222_2m'xx xm_k] RR'R2]2k22'   '22 22' E '222E2S'^^ ^SE Q C 8 8 '8 2C 2Q 2 2 '   ' 2 2 2 2 '  + | | '| 2 2 2+ 29 'D D D 9 + 7 )   ' 2) 27 2 2 '  o '222o2}' }o{m bb'b2m2{22'** * '2222' U '222U2c'nn ncUaS HH'H2S2a22'  '2222' ; '2 22;2I'TT TI;@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":& ^    BdC)DEFy)M(2((2(N(d2(dM(dy)d)N)2)))y)&%v%_%2_%N_%dv%d%d&d&N&2&&&&$"""2"N"d"d"d$d$N3$23$3$$$E! 2Ndd dE!da!Nw!2w!w!a!E!]B+2+N+dBd]ddN2o2oNoddddN22Ndddd-NC2CC-U)2Ndd)dUdqN2qUmR;2;N;dRdmddN22NddddN2!  2 N d d d!d=NS2SS=!e 9   2 N d d9 de d N 2  e }bK2KNKdbd}ddN22Ndddd N2 12Nddd1dMNc2ccM1u22Ndd2dudN2u@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":d&Z " N # ":" N   BCDE F*uu**uuUu@`": N\ !  3 ":Ip#\ "  3 ":"5#Z "N ' ":"N $  BCDE F***U@`":N\ %  3 ":#\ &  3 ":"#Z hR * ":hR. (  BZCDEPF:2 ] ^Z*E  a < .__W}@    `":hR )  BCDE0F"yyy 2e __W}@   `":hh g  # ^g #" >?r ^h h  # ]h #" >?hr  ]t" i  C i #" >? 0 t" j  C j #" >? N?  8 .  ; #  "<?n :  c $X99?"2. \ F  3 ":0Z K P ":K G  tBrCDEFF._r_d @`":xbB H C F.":xN I  tBCfDEF/-_f`-_ @`":]PbB J C /":I K  tB?CkDEF(yPk-d? @`":KIbB L B C  `@ ":KP]bB M C W: ":KxbB N C $lH ":xIbB O B C T8 ":]IP Q  <iQ ":G i0Z    [ ":   R  tBrCDEF`r_d @`":  bB S C ": @  T  tBCfDEFx-`f`-` @`":  BbB U C x":  < V  tB?CjDEFj-c? @`": < bB W B C  ": B bB X C  ":  bB Y C  ": < bB Z B C  ": < B \  <j\ ": |n  j: ]   BACDELF8!???????!!?A??@    `@`":oB \B ^  3 ":s\B _  3 ":A B s `  <k` ":   k a  <la ":" l b  <mb ": "'  m: c   B Cv/DELF8N3/NNvlXXXv3/X/v/v/lv/NX/N3/    @    `@`":Vq d  <nd ": ) n e  <oe ":WQ o f  <pf ":SL p g  <qg ": q h  <rh ":+ r i  <si ": s0Z @ s ":@ j  tBrCDEF`r_d @`":@bB k C ":A- l  tBCfDEFZ-`f`-` @`":@CbB m C Z":@= n  tB?CjDEFj-d? @`":=bB o B C  ":CbB p C  ":bB q C  ":=bB r B C  ":=C t  <tt ":} t u  <uu ":Sbz u v  <vv ":b v w  <ww ":S$z w^ y   BdC)DEFy)M(1((2(N(d1(dM(dy)d)N)2)))y)&%u%_%2_%N_%du%d%d&d&N&2&&&&$"""2"N"d"d"d$d$N3$23$3$$$E! 2Ndd dE!d`!Nw!2w!w!`!E!]A+2+N+dAd]ddN2o2oNoddddN22Ndddd,NC2CC,U) 2Nd d)dUdpN2pUmQ;2;N;dQdmddN22NddddN2!  2 N d d d!d<NS2SS<!e 9   2 N d d9 de d N 2  e }aK2KNKdad}ddN22NddddN212Nddd1dLNc2ccL1u22Ndd2dudN2u@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":&Z "  } ":"  z  BCDE F*uu**uuUu@`": \ {  3 ":I+p\ |  3 ":"+5Z "  ":" ~  BCDE F*++V@`":\   3 ":+\   3 ":+"Z > t  ":> t   BCDE F*++U@`": t\   3 ":tI\   3 ":>YI   BCDE F*++U@`": th   S ":tIh   S ":>YI\   3 ":.0Z K  ":K   tBrCDEFF._r_d @`":xbB  C F.":xN   tBCfDEF/-_f`-_ @`":]PbB  C /":I   tB?CkDEF(yPk-d? @`":KIbB  B C  `@ ":KP]bB  C W: ":KxbB  C $lH ":xIbB  B C T8 ":]IP   <y ":G y0Z     ":     tBrCDEF`r_d @`":  bB  C ": @    tBCfDEFx-`f`-` @`":  BbB  C x":  <   tB?CjDEFj-c? @`": < bB  B C  ": B bB  C  ":  bB  C  ": < bB  B C  ": < B   <z ": ||  z:    BACDELF8!???????!!?A??@    `@`":oB \B   3 ":s\B   3 ":A B s   <{ ":   {   <| ":" |   <} ": "'  }:    B Cv/DELF8N3/NNvlXXXv3/X/v/v/lv/NX/N3/    @    `@`":Vq0Z @  ":@   tBrCDEF`r_d @`":@bB  C ":A-   tBCfDEFZ-`f`-` @`":@CbB  C Z":@=   tB?CjDEFj-d? @`":=bB  B C  ":CbB  C  ":bB  C  ":=bB  B C  ":=C   < ":} ^    BdC)DEFy)M(1((2(N(d1(dM(dy)d)N)2)))y)&%u%_%2_%N_%du%d%d&d&N&2&&&&$"""2"N"d"d"d$d$N3$23$3$$$E! 2Ndd dE!d`!Nw!2w!w!`!E!]A+2+N+dAd]ddN2o2oNoddddN22Ndddd,NC2CC,U) 2Nd d)dUdpN2pUmQ;2;N;dQdmddN22NddddN2!  2 N d d d!d<NS2SS<!e 9   2 N d d9 de d N 2  e }aK2KNKdad}ddN22NddddN212Nddd1dLNc2ccL1u22Ndd2dudN2u@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":&Z "   ":"    BCDE F*uu**uuUu@`": \   3 ":I+p\   3 ":"+5Z "  ":"   BCDE F*++V@`":\   3 ":+\   3 ":+"Z > t  ":> t   BCDE F*++U@`": t\   3 ":tI\   3 ":>YI   BCDE F*++U@`": th   S ":tIh   S ":>YI\   3 ": 0Z K   ":K    tBrCDEFF.`r_d @`":x bB  C F.":xF     tBCfDEF/-`f`-` @`":]HbB  C /":B   tB?CjDEF(yPj-d? @`":KB bB  B C  `@ ":KH] bB  C W: ":K x bB  C $lH ":xB bB  B C T8 ":]BH   < ":G  0Z     ":     tBrCDEF`r_d @`":  bB  C ": 8    tBCgDEFx-`g`-` @`":  ;bB  C x":  4   tB?CkDEFk-d? @`": 4 bB  B C  ": ; bB  C  ": bB  C  ": 4 bB  B C  ": 4 ;   < ": tn y  :    BACDELF8!???????!!?A??@    `@`":o B  \B   3 ": k \B   3 ":A B k    < ": m     < ":      < ":  '  :    BCDELF8M;,,,;M@    `@`":Vi    < ":n V     < ":@:V     < ":<     < ":    < ":pV     < ":      6 ":M P  0Z  }   ": }    tBqCDEF`q_d @`": } bB  C ": 9 k    tBCgDEFZ-`g_-` @`": } <bB  C Z": } 5   tB?CkDEFk-d? @`": 5 bB  B C  ": < bB  C  ": bB  C  ": 5 bB  B C  ": 5 <   < ":9 v {     < ":Sz>     < ":>     < ":.  ^    B2CDEF' '22'22' _ '222_2m'xx xm_k] RR'R2]2k22'   '22 22' E '222E2S'^^ ^SE Q C 8 8 '8 2C 2Q 2 2 '   ' 2 2 2 2 '  + | | '| 2 2 2+ 29 'D D D 9 + 7 )   ' 2) 27 2 2 '  o '222o2}' }o{m bb'b2m2{22'** * '2222' U '222U2c'nn ncUaS HH'H2S2a22'  '2222' ; '2 22;2I'TT TI;@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":& Z "    ":"     BCDE F*uu++uuUu@`":  \   3 ":IJp\   3 ":"J5Z  "  ": "   BCDE F***U@`": \   3 ":J\   3 ":J"Z A  Z  ":A  Z.   BCnDEPF:nd/[/n#00ynn@    `":A  Z   BCnDE0F"ͺ ndg00ynn@   `":A  Z.   BCnDEPF:nd/[/n#00ynn@    `":A  Z   zB#CDEF #@ ":  \   3 Դ":  0Z K   ":K    tBrCDEFF.`r_d @`":x bB  C F.":xF     tBCfDEF/-`f`-` @`":]HbB  C /":B   tB?CjDEF(yPj-d? @`":KB bB  B C  `@ ":KH] bB  C W: ":K x bB  C $lH ":xB bB  B C T8 ":]BH   < ":G  0Z    # ":     tBrCDEF`r_d @`":  bB  C ": 8    tBCgDEFx-`g`-` @`":  ;bB  C x":  4   tB?CkDEFk-d? @`": 4 bB  B C  ": ; bB  C  ": bB ! C  ": 4 bB " B C  ": 4 ; $  <$ ": t| y  : %   BACDELF8!???????!!?A??@    `@`":o B  \B &  3 ": k \B '  3 ":A B k  (  <( ":   )  <) ":    *  <* ":  '  : +   BCDELF8M;,,,;M@    `@`":Vi 0Z  }  < ": }  3  tBqCDEF`q_d @`": } bB 4 C ": 9 k  5  tBCgDEFZ-`g_-` @`": } <bB 6 C Z": } 5 7  tB?CkDEFk-d? @`": 5 bB 8 B C  ": < bB 9 C  ": bB : C  ": 5 bB ; B C  ": 5 < =  <= ":9 v {  ^ B   B2CDEF' '22'22' _ '222_2m'xx xm_k] RR'R2]2k22'   '22 22' E '222E2S'^^ ^SE Q C 8 8 '8 2C 2Q 2 2 '   ' 2 2 2 2 '  + | | '| 2 2 2+ 29 'D D D 9 + 7 )   ' 2) 27 2 2 '  o '222o2}' }o{m bb'b2m2{22'** * '2222' U '222U2c'nn ncUaS HH'H2S2a22'  '2222' ; '2 22;2I'TT TI;@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `@    `":& Z "   F ":"   C  BCDE F*uu++uuUu@`":  \ D  3 ":IJp\ E  3 ":"J5Z  " J ": " G  BCDE F***U@`": \ H  3 ":J\ I  3 ":J"Z A  Z O ":A  Z. K  BCnDEPF:nd/[/n#00ynn@    `":A  Z L  BCnDE0F"ͺ ndg00ynn@   `":A  Z. M  BCnDEPF:nd/[/n#00ynn@    `":A  Z N  zB#CDEF #@ ":  n" ^  C ^ "*r S n" _  C _ ". "  b `  # ` "*p$ h a  # a #" *?>    < "?  t b s *gb 3f?"?  gt c s *hc 3?"?  ht d s *fd ?"?  ft e s *e 3f?"?  t f s *f 3?"? 2 * B 8c?"<@`?NNN?N2 + 3 rٕٕ1b$#1,k?"<@ ?NNN?N" ,  f, ԔG1d?"<@ ?NNN?N 2 - B 8c?"<@`?NNN?N2 . 3 rٕٕ1b$#1,k?"<@ ?NNN?N" /  f/ ԔG1d?"<@ ?NNN?N 2 0 B 8c?"<@`?NNN?N"  Z1 Xg1d?"? n2  c $"? \"  S T"?n2  c $"? "   f ԔG1d?"<@ ?NNN?N B S  ?lLNNNNNPR1V2VMVT_U_V_q_LdMdNdOdidhftS> t2tS?tF=t{t9[tJCCCC\CCCC\C\CCCCC\??qqLLVjWJJQQ^     FFxxSSVnWQQXX^ 9 *urn:schemas-microsoft-com:office:smarttagsplaceB*urn:schemas-microsoft-com:office:smarttagscountry-regionC*urn:schemas-microsoft-com:office:smarttagsmetricconverter &h1 in2 in ProductID      55555 6 66666 6!6'6gLjLpLuLyLLPPPPPPPQQQQ Q QQQQQ Q$Q&Q'Q-Q.Q2QBQLQPQ[Q\QaQSSS TTTTT-T0T5T8T9TDTETLTMTPTQT[T`TgToTxTTTTTTTTTTTTTTTTTTTTTTTTUUUUUUUU&U+U2U;U>U?UCUEULUMUTUUUXUcUhUnUuUzUUUUUUUUUUUUUUUUUUUUUUUUUUUV VVVVVVVVV&Vu_|___________aaaaaahhhhhii i iiiii!i"i&i'i/i0i6i:i=iJmTmUm]mamhmimrmsm}m~mmmmmmmmmmmmmmmmmmmmmmmnnn nnnnnn||||||||||||||||||} } }}}}$}'}(}3}7}@}A}L}P}X}DIdlǐԐߐőБ+:DPUpGxΓړߓ#*NYZ_cfgmntu|} "%&-.67:OUYcgjkrs{|Ö֖ܖ#&0349<@CHY]jpqyǗɗ˗ !'-jprt*0!&+12:ߟ "y} GMףݣޣ&'12;=CoxyEIJNORSTU_ $*+36;>BEJ[^CD89MKDG##\#_#5'6JJOPP3Q9QbQSSSTT/V`VpV\W^Wu__}aamdvdhEi@mmm'n|||Z}cduvđő!"opFGۓߓKNǕʕܕ@Eɖ̖ #&0349<ACHMOY^jpǗɗ˗ ":>O] XYjprt ^lɚ˚ݚ -.=]q~כ!&+1Ub؜ٜRSb̝͝ӝfvߟ "24:;pry~Š wxӡסY]"$13<EF`qsģţףݣmoҤԤդ֤&'9@BCEIdfgiѥ>@ABq¦Ϧզ $*6;>CEJOQ[^33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333?K\KKK(LN9QBQcQhQQQQSSS V0V-fCfhh؉(֌Gۓޓߓ34:<ACKMPRSUWYaehjz|їӗۗݗ "$')LN^`bdfhsuwy{}ט٘ۘݘޘ "$02468:DFHJMOQSVXeghjz|™ęƙșʙԙؙ֙ڙݙߙ %'3579;=?ELQ[^moqsuwǚɚʚۚ̚ݚ !#%')+-:bgijmnp~՛כ !)+;=?ABDFHNPSUkmĜƜȜʜ͜ϜќӜ֜؜!#%/124>@BDGIKMPR_bӝ՝^dfvxןٟݟߟ(2356:GMNPScepqsty~àŠ 13;=BDPRTVXZegikmoqsuw¡+-FHlnqsâ΢ТҢԢ֢آڢܢޢ"$13<BCERTVXZ\^`qs£ģϣѣңԣգףLmФҤӤդ $&134679@BCE_abdeghjkmnprtvxz|~¥ĥɥ˥ϥѥ #%&*+-<>?ANPSUWY\^`blnoq¦ϦѦӦզ !"$46<>CEMORTUWY^ߓ34^|u}XZ~_r@D} *Z ʕʪ~ T`9ky-1,I I\Pvb 2R" N{Sx.,X8v`e..O`(f~BhD.*aiXW4k$xkI^`.^`.^`.^`. ^`OJQJo( ^`OJQJo( ^`OJQJo( ^`OJQJo(hh^h`. hh^h`OJQJo(h^`OJ QJ o(hHh^`OJ QJ ^J o(hHohpp^p`OJ QJ o(hHh@ @ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohPP^P`OJ QJ o(hHh^`OJ QJ o(hHh^`OJ QJ ^J o(hHohpp^p`OJ QJ o(hHh@ @ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohPP^P`OJ QJ o(hHh^`OJ QJ o(hHh^`OJ QJ ^J o(hHohp^p`OJ QJ o(hHh@ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohP^P`OJ QJ o(hHh^`OJ QJ o(hHh^`OJ QJ ^J o(hHohpp^p`OJ QJ o(hHh@ @ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohPP^P`OJ QJ o(hH TT^T`o(hH. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.hh^h`OJQJo(hH-^`OJ QJ ^J o(hHo^`OJ QJ o(hH^`OJQJo(hH^`OJ QJ ^J o(hHoX X ^X `OJ QJ o(hH((^(`OJQJo(hH^`OJ QJ ^J o(hHo^`OJ QJ o(hH88^8`OJQJo(hH-^`OJ QJ ^J o(hHo^`OJ QJ o(hH^`OJQJo(hHX X ^X `OJ QJ ^J o(hHo((^(`OJ QJ o(hH^`OJQJo(hH^`OJ QJ ^J o(hHo^`OJ QJ o(hH ^`hH) ^`hH. ^`hH.   ^ `hH. \ \ ^\ `hH. ,,^,`hH. ^`hH. ^`hH. ^`hH.h ^`o(hH. 8^8`o(hH.. 0^`0o(hH... p0^p`0o(hH.... @ ^@ `o(hH .....  ^ `o(hH ...... x`^x``o(hH.......  `^``o(hH........  ^`o(hH.........^`o(. ^ `o(..0^`0o(...0^`0o(.... ^`o( ..... ^`o( ...... p`^p``o(....... `^``o(........ P ^P `o(.........h^`OJQJo(hHh^`OJ QJ ^J o(hHohp^p`OJ QJ o(hHh@ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohP^P`OJ QJ o(hHh^`OJ QJ o(hHh^`OJ QJ ^J o(hHohpp^p`OJ QJ o(hHh@ @ ^@ `OJQJo(hHh^`OJ QJ ^J o(hHoh^`OJ QJ o(hHh^`OJQJo(hHh^`OJ QJ ^J o(hHohPP^P`OJ QJ o(hHh ^`hH.h ^`hH.h pL^p`LhH.h @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PL^P`LhH.O`(f,X N{Sx~ W4kai-~Bh~}|I I9kyv`en b 2Rv`e50Q0dT00d          v/JێSJێS         B@S                  .fn         jp,bQ_sl+l+ c1^?>@bQ_s c1;oy}khL{ |K|p/?+34fhzi'IOgbee ]4;KMl 1 L 4T y   9 2D zS 5) H f B?Ldro6Fq- %*CdH-\6laSg 9;O}MiESvk{^^D~ 8}l I!&[!?"X"O$:r%C&F&J&kd&l&^r&(N()))D)E)V) +$.+zS+mx+$,r-)F-.?./!/'/F/h/0#0!K0'31\2B2v2~23g13c=4cf5i5)677|G7I7b77z7? 8 8S28sn8^r8[)9H9 I97: :mF:V;@;T(<-<@<C<>j<~.=>e^>Ts>??? 2?,@H@p@\AhAYwA B&BnB=DC#D{DH1E UE{F)FjFqFoG~GP.HFHOH$I J*JHIK`KLL~SHTBIU%V?1VtKVXzX7YwYZ&Z['[<[V[u[r)\HK]2k]Z^o^_G_^z`LaLHb clc ddceo*faf,g7'g\Tg}g h\)hIhPh i>2iSjYjQkjk lOlvlCmim nLn%nwop)pq!r%r6s;tQNt>uEu$ww.w*x\xlyzPz 3zLzjz|z {"{s&{nf&6BZIU)Vcr<N_Rg(sPwu~n<LSi| ;GPcPt+n>okuX5:e,9he CBT  ,4u3 I@e(?MPWfH\YY;#dg$ AZs q_)*x!{:O.fG4L Ud'}l #B`D+e?CMT A'_CB[;v(+*G0R><9c><f}FAq*/58 #/`4J2ch%]uXGIA1S5jnpz$'R/>@DKp |S#LRBU^jGXTEehMOXa.$8Vs2w<6NQpmqs^7b;Eh;(G`|# >]!bx)I (!M/WZ9_LQjx9aZbm}2-ESg!5}} 7!4iv AGm 6B$A "<wAd1]- sm<_E0Fjb`|3>M(t<zKt, -blVo>P^UrjIGZ\Rpv "6333">@  @  !!MMMME]@@@L@\@@lnp@@Unknown Gz Times New Roman5Symbol3& z Arial5&  ImpactU& Franklin Gothic Medium7&{ @Calibri7K@CambriaeTimes-NewRomanTimes New RomanU Arial Unicode MSArial?5 z Courier New7& [ @Verdana;Wingdings"1 hs,&mu}K M!4d 2qHX $Pc=42ProfAutori Administratorh                  Oh+'0  < H T `lt|ProfAutori Normal.dotAdministrator17Microsoft Office Word@|r@E@]@仰X}՜.+,D՜.+,0 hp|   K' Prof TitleH 8@ _PID_HLINKSA"~http://www.osfi.hr/p]Phttp://www.ifac.org/p[Bhttp://www.iasb.org/p~$mailto:pasko.anic-antic@zg.htnet.hrplVmailto:bramljak@efst.hrp  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$&'()*+,5Root Entry F`ŰX7Data +I1TableWordDocument4SummaryInformation(DocumentSummaryInformation8%CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q