Compound Interest Formula

Criteria to qualify as non-repayable grant Approved

The General Accounting Plan (PGC), devotes its standard of recording and valuation 18 th to the accounting treatment of grants, donations and bequests received .

The above NRV 18 th clarifies that:

• with Grants Refundable character be recorded as liabilities of the company to acquire the status of non-refundable.
• For these purposes, shall be deemed non-refundable individual there is an agreement granting the subsidy, have satisfied the conditions for granting and not there is reasonable doubt about receiving the grant, donation or bequest.

However, the additional provision unique EHA/733/2010 Order, apply to any company rated by an accurate and non-refundable grant, noting that the exclusive purpose of accounting records to understand fulfilled the conditions for granting the following criteria apply.

• Grants for acquiring an asset : if the conditions for granting required to maintain the investment for a number of years, will be considered non-refundable when the date of preparation of the annual investment has been made and there is no reasonable doubt that will continue in the period specified in the terms of the concession.
• Grants for the construction, improvement, renovation or expansion of an asset : if the conditions of the grant require completion of the work and putting them in working condition will be considered non-refundable when the date of preparation of annual accounts action has been executed in whole or in part. In the course of execution partial subsidy qualify as a non-refundable in proportion to the work performed, provided there is no reasonable doubt that completed the construction of the asset or the implementation of measures for improvement, renewal or extension under the conditions laid down in the concession agreement .
• Grants for specific items of expenditure multiannual implementation: if the conditions of the grant require completion of the action plan and the reasons that have made the subsidized activities, for example, conducting training courses will be considered non-refundable when the date of preparation annual accounts action has been executed in whole or in part. In the event of partial performance, the grant will be scored as non-refundable in proportion to the expenditure executed, provided that there is reasonable doubt to be completed on the terms set out in the conditions of grant.

Related Entries: Imputation

• temporary subsidized job creation .
• non-refundable grants received from partners.
• Subsidies in the Statement of Changes in Shareholders' Equity .
• grants, donations and legacies at the end of the year .
• accounting records (PGC) donations (members and others) .

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reform of the Insolvency Act

The Council of Ministers, dated March 18, approved the submission to Parliament of the Bill to amend the Bankruptcy Act.

The reform aims to:

• streamlining, simplification and cheapening of the process bankruptcy;
• deepening of the alternatives to competition through institutes
• preconcursales and rectification of some aspects of the present regulation that have led to practical problems and questions of interpretation.

Among the highlights of the proposed reforms include:

Establishing alternatives to contest

The project pays particular attention to solutions as alternative mechanisms preconcursales to facilitate escape the need to go to competition, and offers a solution to the situation insolvency of the debtor, which will decongest the commercial courts.

The objectives pursued are to: Facilitate

• both proposed convention early as the completion of debt refinancing agreements between the debtor and some of its major creditors, giving them security and guarantee in any proceedings in bankruptcy . Boosting
• refinancing settlement agreements would, on the basis of business continuity, maximizing the value of the common debtor's assets, increasing the chances that even the creditors involved in the agreement can better meet their claims.

To do this, first, clarifying the unique legitimacy of the receivers to challenge refinancing agreements, and on the other, makes a new regulation on agreements of this kind may be approved in court. This allows judicial approval to extend the effects of the agreement to other creditors, although they had shown against or did not participate in the agreement. To this must be of agreements to ensure continuity of business, as certified by an independent expert.

addition, creditors seeking the approval of the agreement shall be entities credit holders at least 75% of debt owned by financial institutions. If you attend these majorities and do not pose a disproportionate sacrifice for the other creditor banks, the judge always homologated in order to facilitate the sustainability of society. With this reform lending to power companies in need at this time. In line with these instruments is introduced preconcursales first regulation called fresh money injected creditors to troubled companies as part of a refinancing agreement.

The new rule states that the 50% of that new money coming to company through the refinancing agreement, and that means new revenue cash for it, is considered to be c revenue against the mass (priority of payment), which is the best guarantee for financial institutions to extend new credits to revive the company, and one element in assessing the credit.

abbreviated or simplified procedure

order to reduce time and costs of the bankruptcy process, it is expected that the judge may apply the simplified procedure if it considers that the competition is of low complexity, considering that a series of objective and without prejudice to any individual assessment in each case can be made, in other cases as when the debtor presents a proposal for agreement of transfer of the undertaking or cessation of workers without charge.

insolvency administration

is a progress in the professionalization of the receivers, both through the requirements of responsibility, and the training of them. The reform is considered management as a key part of legal assistance that can help reduce congestion of commercial courts and book their holders the functions by the Constitution.

Therefore, the new law:

• Administrators have the ability to correct the mistakes of the list of creditors, reducing to a large extent, the demands of bankruptcy incidents, the main cause of delay in the proceedings.
• appointment is power in any contest, whether ordinary or short, auxiliary delegates and
• Introducing the possibility of bankruptcy administration is performed by a legal person, a figure which could be called society insolvency administrators .

reforms in labor

The Bankruptcy Reform Act also aims to improve the position of workers in contests and incorporate recent changes to the labor reform approved by the Law of 17 September 2010 urgent measures to reform the labor market.

ensuring respect for the rights of workers affected by the situation of a company in crisis, adapting the Insolvency Act for the declaration of insolvency in this sense have the least impact and reiterated the fundamental principle that labor issues submitted to the bankruptcy process should take into account the principles underlying the social arm of the law. Thus, we solve the interpretative questions raised in order for the participation of representatives of workers, the social fund and the procedures relating to labor and resources.

Related Entries:

• The annual accounts of the company in bankruptcy with the bankruptcy reform (2011) .

Image: Economist