.

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[ 4308/2014 ( 1 40 44)]

, ,

34/2013/ 26 2013
[ . 4337/17.10.2015]

2015
1

1.

1.1 4308/2014
251 24.11.2014
4308/2014 , .
, , ( 1
4093/2012), .. 1123/1980 ( 283/15.12.1980)
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1. 4308/2014 8 44 ( 41 43 ).
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1: ( 1 2).

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.... ( ...).
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, 2.
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26 . , 27
, 28 .

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, , .

1.3 . 4308/2014
1. 3 39 . 4308/2014,
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.1024/21.1.2015.
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, 1 2015. 30 39,
.
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,
.

1.4
1. (.. 1. 12) ,

.
2. , .
(.. 2) .
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1.5 . 4308/2014
. 4308
,
( 251/24.11.2014)
1

1:
2:

3:
4:
5:
6:
7:

8:
9:
10:
11:
12:
13
14:
15:

16:
17:
5

18:
19:
20:
21:
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6
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29: ()
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 7:

31:
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8
I

37:
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:
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,
[ . 4337/17.10.2015]

1

1.
.
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.
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.
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,
156 . 4270/2014.
3.
, , 1606/2002 (.... - ....), :
) , .
) ,
- 2004/39/
1606/2002 ,
5%
.
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. 575/2013, .
) . 3606/2007 ( 2004/39/).
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) . 2778/1999.
) . 2367/1995.
) . 4099/2012 ( 2009/65/).
) .
)
.
4. , ,
...., ( ....). ....
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156 . 4270/2014 3 15, 8 9
3 .

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(.....):
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4099/2012 ( 1 2 50 2009/65/) .
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30 37 40 , ,
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1
1.1.1

.
, .

1.2.1

2
. , () 2

.

1.2.2

, () 2 , , , ,
, , . ...., ,
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.

1.2.3

.... . ,
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,
:
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)
.
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.
,
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1.3.1

,
( ) ,

 .
,
.
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( 1.3.1)
, 2
. , 9 3, .. 384/1992.
, , , ,
12 16.

1.3.3

- ( 3. 1), 5% .

1.4.1

,
,
.

1.7.1

,
156 4270/2014, , 156
4270/2014.

1.1 4270/2014 156 ( . 52 10 .
4337/2015)
156

1. ,
, ,
,
, ,
, .
2. , ,
,
, . , ,
, .
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,
.
3.
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,
:
. . 15/2011 ( 30) , ,

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,
,
. .. 205/1998 ( 163) ,
,
. .. 146/2003 ( 122) . 3697/2008 ( 194)
,
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. .. 315/1999 ( 302) (... ),
... ... .
4. ,
, ,
.

.
.
1.2 4270/2014 14 [ 2 6(2) 2011/85/]
. 1 14 . 4270/2014,
10 . 4337/2015 (... 129//17.10.2015), :
. : ,
(),
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. : , : , (...)
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10

 2

1.
2 6 .
2. .
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) ( ): 350.000 .
) : 700.000 .
) : 10 .
3. 2() 1

1.500.000 .
4. .
:
) : 4.000.000 .
) : 8.000.000 .
) : 50 .
5. .
:
) : 20.000.000 .
) : 40.000.000 .
) : 250 .
6. . :
) : 20.000.000 .
) : 40.000.000 .
) : 250 .
7.
, :
) .1.1 .1.2 .5, .
) ()
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.
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2() 2() 1, .

2

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11

 ,
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4 8, , 1 :
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) () . 4099/2012 ( 2009/
65/)
(.....).
,
.
2.3

. ( ).
( 2 3)

1, . 2. (
.., .., , ..)
1, . 2., ( ..,
.., , ..)

()

()

1.500.000

> 1.500.000

1 . 2. 2.

10

1 . 2. 2.

50

4.000.000

8.000.000

()

250

20.000.000

40.000.000

()

> 250

> 20.000.000

> 40.000.000

350.000

700.000

1 . 2. (.., .., , ..)

50 , 4.000.000
8.000.000.
2.4

2,
2013/34/EE, , . ,
. ,
, ,
(.. ).
,
. ,
.

2.5

, 0,5
0,5
. , 5 , 2
5 7

12

 , .
(5x12/12)+(2x5/12)+(7x12/12x3/8)+1=9,46
9 ( ).

12

5x(12/12)

2x(5/12)

0,83

12

[7x(12/12)]x(3/8)

2,63

12

1
9,46=9

2.6

2.
1 ( , , , ..) ,
1.500.000 . ,
2. 1 (
), () 1.500.000 .
, 5 16,
, , 10 3. 3 ( 1.500.000 ),

2 2 ( 350.000 10).
4 2. , ,
( ), 1.500.000 ,
( ), 2 2 . 4308/2014 ( >350.000 >10).

2.7

, 2. 1
,

. ,
1.500.000 2014 , 2015
, ( ) 2016.

2.8

. 10 2 ,
, 156
4270/2014 , 2., 2. 2. 1 ( , , , , , ,
, ..). 2., 2. 2. 1
.

2.9

11 30,
. 3054/2002 () 2 1 (
, , , ..) , 4 2, (8.000.000 ). .

13

2.10

11 30
,
8.000.000
,
2 2 ( 350.000
700.000). 8.000.000
,
5 2 5 2, . 4308/2014.

2.11

,
. , (.. , ), , .
.

2.12

( ) 12 (. ), .
(15) , 15 .
,
. ,
.

2.13

2 1 2015. ( , )
. ,
2015
4308/2015 2013 2014,
.

2.14

6 42 .. 2190/1920, , 2014,
,
: 50 ,
2.500.000 , 5.000.000 . ,
, 31 2014.

2.15

,
2012 2014 :

()
()

2014

2013

2012

6.200.000
2.400.000
59

6.100.000
2.650.000
48

6.050.000
2.700.000
57

, 2015
, ( )
() : 50 ,
4.000.000 , 8.000.000 2015 (
).
2.16

2. 2. 1, 2. ,

14

 . ,
203 (: . 4308/2014).

()
()

20X4
1.400.000
320.000
8

20X3
1.450.000
310.000
7

20X2
1.750.000
305.000
7

20X1
1.780.000
300.000
7

, 201
203. () 204
1.500.000 ,
, 3 . , 205 ,
. , 202 1.500.000 , 204
.

15

3

1. , , ,
, , , , , , , .
2. ,
.
3. 1 2
.
4. 1 2
, . 5 17 .
5. , , , , , ,
.
, , , ,
,
.
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.
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16.
9. 8 , , 31 2014.
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16

, , ( ), .
) ,
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3
3.1.1

, . , ().
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.

3.1.2

,
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),
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3.1.3

, ,
, .

17

3.3.1

(, ) ( )
.

3.4.1

,
. ,
. ,
.

3.5.1

, , , , , , .
.
,

, ,
.

3.5.2

.
, . , 100
204 205, 204 100
, 205 . , ,
, , .
. ,

( / , ,
) ( )
.
, , .

3.5.3

, . 204
200 , ,
, .

___________________________________________________________________________________
3.5.1:
205.
3.1: , 205

1
2
3
4
5
6
7

( )
()

()
()

()
9.400
4.000
500
1.200
500
700
100

18

8
9
10
11
12

120
180
100
300
200

:
1. 1.400 .
2.

() .

3.

( ).

4.

() , - .

5.

( ).

6.

26%

:
)

,
.

, .

3.2: , 205

2
3
4
5

()

()

9.400

9.400

( )

-4.000

-4.000

()

-500
-1.200
-500

0
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0

700

-100

-120

-180

0
0

10

-100

11

-300

-300

12

13

200

200

3.300

3.900

19


3.3: 205

()
:
() ()
2 ()
3
4 ()
5 ()

()
6
7 - . 4172
8
9

3.300

-500
-1.200
-500
700
-1.500

0
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0
0
-1.400

500
-200
500
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100

-100
-120
-180
-100

0
0
0
0

100
120
180
100
500

(++)
(3.900 x 26%)

3.900
-1.014

,
,
, .

. ,
, /
(..
).
,

.

, .
3.5.2. /
205:
1.

8% 10%.

2.

15% 10%.

3.

, .

4.

5.

, .

20

6.

( ) ,
( ).

7.

. : () .

8.

:
3.4: , 2015
205

( )
2.800
2.800

-896
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1.904
1.680

1.200
1.200

-720
-480

480
720
()
1.000
1.000

-100
0

900
1.000

3.284
3.400

()
()

()

204

2.800
-672
2.128
1.200
-540
660
1.000
10
1.010
3.798

2.800
-840
1.960
1.200
-340
860
1.000
0
1.000
3.820

300
350
-120
230
200
50
250
20
800

300
350
0
350
200
0
200
20
870

200
600
-100
500
0
0
0
5
705

200
600
0
600
0
0
0
5
805

4.084

4.270

4.503

4.625

2.500
-100
-479
1.921

2.500
0
307
2.807

2.500
10
-522
1.988

2.500
0
300
2.800

450
250
700

0
0
0

460
250
710

0
0
0

700
550
13
200
1.463

700
550
13
200
1.463

900
600
70
235
1.805

900
600
70
235
1.805

4.084

4.270

4.503

4.605

21

 3.5: , 205

(/)
:
26%
(/)

2.000
2.000
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-987
100
100
-300
-300
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0
0
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-280
-180
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-280
-280
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0
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0
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0
50
0
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-10
0
56
50
-13
43

-13
37

:
,
.

22

 3.6: / , 205

-896
-720
-100
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50
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0
-1.600
0
0
0

-224
240
100
116
120
-50
70
186

-100
-479
-579

0
307
307

100
786
886

450
250
700

0
0

-450
-250
-700
186

,

()
:
() ()






() ( )

56

-30
0
-224
-180
-20
50
-404

0
-40
-280
-120
0
0
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30
-40
-56
60
20
-50
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-15
-5
-10
-30

0
0
0
0

15
5
10
30

(50 x 26%)
( , 56 - 13)
( , 50 - 13)

50
-13
43
37

:
.
.
205 204 205: )
( 37), ) ( -30).

23


205 ,
( , ) ( ). ,

. , .
,
, .
3.5.3.

31 204 :

1.300
800
500

1.300
600
700

2 205 550 .
:
( ) 205.

/ /

1.300
800
500
550
50

1.300
600
700
550
-150

, 50 150 (
200 ). , -150 -50 = -200. ,
( 50 ) 200 .
___________________________________________________________________________________
3.8.1

, , ( , , ..),
, . ,
, .

3.9.1

, ,
31 2014,
.. 1123/1980 .. 148/1984

24

 .. 384/1992 , .

.
3.10.1

, , .

( , ),
(, , ).
, :
)

.., ..., ... ,

.. .. . ()
. 2 1, , ,

2. 1 . 4308/2014, .., ..,

, , , , ..
1.500.000 ,

.... (, , ..,)
,
1.500.000 ( 2. 1 . 4308/2014),

(
2. 1 . 4308/2014, .., .., )
8.000.000 ,

)
(, ....),
156 . 4270/2014 ( ),

3.11.1

. , (, ..)


, 2. 1 . 4308/2014
( ) 3 2 ( 1.500.000 ).

. 4308/2014
,
.... ...
, , , 2.3.2015, 2 1 ( ),
.
3 2 ( 1.500.000 ).

( 1.500.000
) 2. 1 ( , , , ..), ()
.6, () ( 2

25

 ), 1 .
11 30 (
8.000.000 ). 4 , .
3.12.1

, ,
( 11),
( -).
, ,
( ) ( ).

3.12.2

5, , . , , , , / ().

3.12.3

- , 12 3.

3.12.4

( 12),
. , , ,
.
.. .

3.12.5

(, , ..).

3.12.6

, , ...

3.12.7

, ,
, ...

3.12.8

() ( )
(.. .., , , ..).
, (.. ) .

3.12.9

, .
2. 1 . :
)

, , ,
, ,
, , ,
,
1.500.000 ( 2. 1 . 4308/2014).

() (.., .., ) 8.000.000 . ,

26


. , 8.000.000
( ) .
, ,
, ,
.
)

.... (, , ..),
,
1.500.000 .
, 13
30 , :
1)
89/1967 (... 132) 378/1968 (... 82), . .. 89/1967 . 27/1975 (... 77), 34 . 3427/2005 (...
312).
2)
, , , .
3) 3 . 27/1975.

3.12.10 , .... ( 5.000 ),

, . , ,
,
.

3.01

.

.

3.02

,
.

3.03

,
. , ()
( ).

3.04

(accrual assumption)
1 17 . , .

27

 2
1.1 .
[: . 1036030/17.3.2015 ( ....) . .]

20.2.2015 , ,
:
2 1 . 4308/2014 , , 1.1.2015,

156 . 4270/2014 ( ) .
10 2 , 2.8 .1003/31.12.2014 ,
156 4270/2014,
,
2(), 2() 2() 1 ( , ,
, , , , , ..).
, 10
3 , 3.10.1 .
, ,
2 1 . 4308/2014,
156 . 4270/2014 ( ),

.
/
, ,
.
1.2
[: . 5007583/1.4.2015 ( ) . .]

.: . . .625/61/13.05.1996, .773/75/12.06.1996, .1870/39/29.08.1996, .1430/134/

13.11.1996 .
. . 18 5026818 2013/16-7-2013 .
. . . 9113/147450/3-2-2015 / , .
-
... - ) ,
, :
1. ) /
..666/1966 . 1361/1983, .
.. ...
.... . 3874/2010 ,
.

28

2. . . 1430/134/
13.11.1996 , . 222056/9.3.1985 243911/
4.11.1996 . ,
,
,
, .
,
...,
,
,

.

4

1. , 3, () ,
( ).
2. . ,
, , , , , ,
, .

, .
3. , .

.
4. : :
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), .
) , .
)
.
) .
5. .
, , 4 .
6. .
, ,
, .
7. .
.
8. .
, ( ) .
9. .
.
10.
.

29

 4
,
( ).
4.4.1

.
.
, .
.

4.4.2

, 8 5 .
, , / . . ,
(.. , , ) .

4.4.3

, ,
, ( )
, .

4.4.4

, .
, .

___________________________________________________________________________________
(retail method)
, . ,
, .
( ):

( )

= [1 - (1.330,00/1.716,70)]
= [516,70 x (1 - 0,2253)]

100,00
1.230,00
1.330,00

130,00
1.586,70
1.716,70
-1.200,00
516,70
0,2253
400,29

30

:
1. , .
2.
.

, . , ,
, , ,
, .
().

, ,
, .
_________________________________________________________________________________

4.4.5

4 , 2
6, 31 2014.
2014,
31 2014, .

4.5.1

, , . , ( , , , ..).
.
. , ( ,
).

4.10.1

4,
.

4.01

2. 1 , , (
), 6 (
), 7 ( ) 8 (
) .

4.02

( -),

31

 . , , extrait

5

1.

, , ...., . , ,
.
2. 1, :
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) ,
.
3. , , , , ,
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5.
().
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) ()
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8. , .
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(...) ,
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9. 8 ,
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.

32

 ,
8() 8(), .
10. , ,

.
11. () , , .
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, ( )
.
13.
.
14.
, .
15. , ,
.
16.
,
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17. , ,
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, 27 .
18. ( )
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() .
.

5
5.1.1

.

.

5.1.2

,
. , , ,
.

5.4.1

, ,
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33

5.5.1

() ().

5.7.1

. ,


, .

5.7.2

( , .. ) , ,
, .

. ( ) 4308/2014.

5.7.3

() 7
(, )
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, , .. ,
.

5.7.4

, 2. 1
,
12
( 8 9 12)
()

( , ).

5.8.1

, . .
, , , . ,
, , , , ,
, ...

5.8.2

, ,
,
, .
, .
. ,
.

5.8.3

, ,
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( ). ,
(, ), ( ) , .

34


, .
5.8.4

:
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,
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...,
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...,
, 8 9
5. , () ,
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.
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) ( )
,

,
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, . , , (.. , , ), (.. , ..),
) , ,
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) ,
( ), ,
( , , ),
) ,
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35

,
,
,
) () ,
,
) () (, ..) , , () ,
, , ,
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( ),
( ), (
), 18.3.9
18.3..3 .

75

,
, (
) .
(),
( ).
, .

,
() ()
,
.

02/01/200
. 2.400.000 . , 10 , . ,
. 25 .
.
,
)
)

,
2.400.000 .
2.400.000 , 240.000 .

02/01/200
____________________________

_________________________________________

( )

___________________________________

2.400.000
2.400.000
__________________________________

31/12/200 ( )
___________________________________
__________________________________

240.000

240.000
___________________________________
__________________________________
,
)
)

2.400.000 ( ).
(4% ), . ,
96.000 (2.400.000 / 25 = 96.000). () 240.000 (2.400.000 /
10).

76

02/01/200
___________________________________

___________________________________

__________________________________
2.400.000
2.400.000
__________________________________

31/12/200 ( )
___________________________________
__________________________________
(2.400.000 / 25)

___________________________________


___________________________________

96.000
96.000
__________________________________
240.000
240.000
__________________________________

18.1.14 / 18.1.13 .
18.1.15 ( ).
(..
, , , , , , , , ..). ,
,

. ,
.
18.1.16 ,
( ), , .

(), .
18.1.17 , ( ) :
) () ,
(). ,
.
)
.
. ,
, .
) 12
....
18.2.1

, ,

.
, . -

77

 ( ) ,
.
18.2.2

, . , .
,
.
10.000 ,
5%,
10.000/2*5%=250 .

18.2.3

( ). ,
, (
), .

18.2.4

, . ,
, .
( ).

.
) 03/03/201 100
4 , 50.000 .
) 28/02/202 25
.
) 31/12/202 100 , 01/01/203.
) 100 01/03/203 200
( ).
) 02/03/203 70
.
) 27/12/203 100 , 204
250 .
) 400
201, 800 202 2.100 203.
) ( , , , , , ..) 201 45.000 , 202 55.000
203 70.000 .
)
, 201 8.000 , 202 14.000
203 18.000 .
) 203, 100 900
400 (0,40 ).

78


)
)

)
)

.
( ), .
.
,
()
().
203, , , 12 .

, .

,

(), ( ) .

)
)
)

201.

202.
203
.

)
)
)

.
.
. ,
(). .
,
. ,
.
( ) 5
. .
4172/2013 ( ) 10%.
, .

79


201
1.
(100 x 500)
2.
& 201 (100 x 400)
3.

4.

31/12/201
202
1.
(100 x 25)
2.
& 20X2 (100 x 800)
3.

4.

50.000
40.000
45.000
8.000
143.000
2.500
80.000
55.000
14.000
151.500

(20X1+20X2)

294.500

203
1.
& (100 x 2.100)
2.

3.
(100 x 70)
4.
(294.500 x 10%)
203

210.000
70.000
7.000
29.450
316.450

( 900 x 400)
:
203
203 ( ) (100 x 200)

360.000
-316.450
43.550
20.000

) , , ( ).
) 203 (
).
)
203 (18.000 ),
.
18.3.1

( ) .

18.3.1 .
() . () . , , , .

2.1.201 180.000 . 350.000

10.000 ( 180.000 - 10.000 = 170.000).
, ,
100 .
.

80

170.000
170.000
170.000
170.000
170.000

201
202
203
204
205

0,20
0,20
0,20
0,20
0,20
1

34.000
34.000
34.000
34.000
34.000
170.000

34.000
68.000
102.000
136.000
170.000

136.000
102.000
68.000
34.000
0

, .
. , 1+2+3+4+5=15.
.
( )

170.000
170.000
170.000
170.000
170.000

201
202
203
204
205

5/15
4/15
3/15
2/15
1/15
15/15

56.667
45.333
34.000
22.667
11.333
170.000

56.667
102.000
136.000
158.667
170.000

113.333
68.000
34.000
11.333
0

, , :

,
.

201
202
203
204
205

170.000
170.000
170.000
170.000
170.000

84.000
108.500
66.500
52.500
38.500
350.000

24%
31%
19%
15%
11%
100%

40.800
52.700
32.300
25.500
18.700
170.000

40.800
93.500
125.800
151.300
170.000

139.200
86.500
54.200
28.700
10.000

)

, .. , .
) .
18.3.3 ,
, , .

31 200 60.000 .
20 , 1.000
. 31 8, 8.000

81

 8 ,
209. 6.000
.
209.
208
(= 60.000 - 1.000)
201-208 (= 59.000 / 20)
31/12/208 (= 8 x 2.950)

59.000
2.950
23.600

209

:
:
:

X1-X8




209 (38.400 / 8)

60.000
-23.600
36.400
8.000
44.400
-6.000
38.400
4.800

18.3.4 ,
,
,
.
( ).
18.3.5 (, )
.
18.3.6
(not limited useful economic life O 34/2013, indefinite useful life
... 38),

. . , , () , . ,
, , .
18.3.7
.
18.3.8 ,
, , , , .
10 ,
,
(.. )
, .
18.3.9 () , , , .. ,

82

 8 -
( 8 ).
18.3.10 , ,
3 5 ,
. , ()
.
, .
( )
30/06/201 1.200.000
. , 8 ( 12,5%) ,
20% .
.

30/06/201
31/12/201
31/12/202
31/12/203
31/12/204
31/12/205
31/12/206
31/12/207
31/12/208
31/12/209

75.000
150.000
150.000
150.000
150.000
150.000
150.000
150.000
75.000

120.000
240.000
240.000
240.000
240.000
120.000

()

()

1.200.000
1.125.000
975.000
825.000
675.000
525.000
375.500
225.000
75.000
0

0
75.000
225.000
375.000
525.000
675.000
825.000
975.000
1.125.000
1.200.000

1.200.000
1.080.000
840.000
600.000
360.000
120.000
0

0
120.000
360.000
600.000
840.000
1.080.000
1.200.000
1.200.000
1.200.000
1.200.000

45.000
90.000
90.000
90.000
90.000
-30.000
-150.000
-150.000
-75.000
0

-45.000
-135.000
-225.000
-315.000
-405.000
-375.000
-225.000
-75.000

, ,
, .
18.3.1
.
) ,
, .
) ,
.
18.3.2 (,
) , .
18.3.3
. a priori , . , . , ,
.
, ,
, , . , -

83

 , , .
20% ,
.
18.3.4 , (, )
, ,
.
18.3.5 , , . ,

.

1 201 10.000 , 10 ( 10%). 31
204
3.000 , .
31 206 , ,
5.100 .
.

1.
2.

3.
4.
5.

6.

31 204 4.000
6.000 .
31 204
3.000 , 3.000 3.000 (6.000 3.000).
( 205), 500
(3.000 / 6 = 500).
31 206 2.000
(3.000 205 206).
31 206, ,
4.000 ( 10.000 6.000 ).
31 206 2.000

, 4.000 ,
, 2.000 .

31/12/204:
___________________________________

__________________________________

___________________________________

3.000
__________________________________

31/12/206:
___________________________________

__________________________________

3.000

2.000

2.000
___________________________________
__________________________________

84



.
18.5.1

, , ,
.
, .

18.5.2

, ,
.
, . , ,

.

18.5.3

, , . .
. ,
( ) ().

18.5.4

, ( ) .

,
18.1.2 . ,
, .
.


. 1.200.000 .
10 ,
: 200.000 , 100.000
400.000
.
30.000 .
1.200.000 400.000 800.000 .
410.000
[400.000 + [30.000 x (400.000 / 1.200.000)]],
820.000 [800.000 + (30.000 - 10.000)], 1.000.000 ,
230.000 .
:
___________________________________
__________________________________

___________________________________

410.000
820.000
230.000
1.000.000
__________________________________

85

 ,
:

30/06/200
30/06/200+1
30/06/200+2
30/06/200+3
30/06/200+4
30/06/200+5
30/06/200+6
30/06/200+7
30/06/200+8
30/06/200+9
30/06/200+10

4,232097%

1.000.000
100.000,00
100.000,00
100.000,00
100.000,00
100.000,00
100.000,00
100.000,00
100.000,00
100.000,00
400.000,00
1.300.000,00

42.320,97
39.879,94
37.335,60
34.683,58
31.919,33
29.038,09
26.034,91
22.904,63
19641,88
16.241,07
300.000,00

57.679,03
60.120,06
62.664,40
65.316,42
68.080,67
70.961,91
73.965,09
77.095,37
80.358,12
383.758,93
1.000.000,00

942.320,97
882.200,91
819.536,51
754.220,09
686.139,41
615.177,50
541.212,41
464.117,04
383.758,93
0,00

, 4% :
31/12/200X
___________________________________
()

(820.000 x 4% / 2)
___________________________________

__________________________________
16.400,00
16.400,00
__________________________________

-

(42.320,97 / 2)
___________________________________

__________________________________

30/06/200X+1
___________________________________

__________________________________

21.160,49
21.160,49

-


___________________________________

100.000,00
__________________________________

31/12/200X+1
___________________________________

__________________________________

()

(820.000 x 4%)
___________________________________
-

(39.879,94 / 2)
___________________________________

21.160,49
21.160,48
57.679,03

32.800,00
32.800,00
__________________________________
19.939,97
19.939,97
__________________________________

86

 , :
30/06/200X
___________________________________

__________________________________

___________________________________

1.000.000,00
__________________________________

31/12/200X
___________________________________

__________________________________

1.000.000,00

(42.320,97 / 2)
___________________________________

__________________________________

31/12/200X+1
___________________________________

__________________________________

21.160,49
21.160,49

100.000,00

21.160,49

21.160,48

57.679,03
___________________________________
__________________________________
31/12/200X+1
___________________________________


(39.879,94 / 2)
___________________________________

__________________________________
19.939,97
19.939,97
__________________________________

18.5.5

( ) .
, ,
. ,

. ,
. , .
, ( ) (). 18.5.4 ,
1.000.000 ,
( 1.300.000 ).
, . , , .

18.5.6

, ( )

.

87


100
130 ,
42 ( 168 ). 130 ( 30 ,
100 ). ,
.
18.5.7

,
, ,
( sale and lease back). , , ,
,
.
(
). ,
. ,
().

. ,
( ) . ,
() .
,
( ),
.
( ).

30.06.200, (
), 800.000 , 2.000.000 .
, .
250.000 , . .
, ( , ,
), 60.000 ,
. ,
, , . ,
60.000 , . 5
22 , 1.940.000 (2.000.00060.000=1.940.000). , 60.000
,
(. 4 22 ).
, 1.940.000 ,
2.000.000 60.000 ( ).

, , ,
4,8983%.

88

 1 -

30/06/200
30/06/200+1
30/06/200+2
30/06/200+3
30/06/200+4
30/06/200+5
30/06/200+6
30/06/200+7
30/06/200+8
30/06/200+9
30/06/200+10

12
0,048983

250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
2.500.000

95.028
87.437
79.474
71.121
62.359
53.167
43.526
33.412
22.803
11.673
560.000

154.972
162.563
170.526
178.879
187.641
196.833
206.474
216.588
227.197
238.327
1.940.000

1.940.000
1.785.028
1.622.465
1.451.939
1.273.060
1.085.419
888.586
682.112
465.524
238.327
0

, (2.000.000 ) (60.000
) , , (2.000.000 60.000)
.
2: -

30/06/200
30/06/200+1
30/06/200+2
30/06/200+3
30/06/200+4
30/06/200+5
30/06/200+6
30/06/200+7
30/06/200+8
30/06/200+9
30/06/200+10

12

0,042775

250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
2.500.000

85.550
78.516
71.180
63.531
55.555
47.238
38.565
29.521
20.090
10.254
500.000

164.450
171.484
178.820
186.469
194.445
202.762
211.435
220.479
229.910
239.746
2.000.000

60.000

2.000.000
1.835.550
1.664.066
1.485.246
1.298.777
1.104.332
901.570
690.135
469.656
239.746
0

9.478
8.921
8.293
7.589
6.804
5.930
4.961
3.892
2.713
1.419
60.000

95.028
87.436
79.474
71.121
62.359
53.167
43.526
33.412
22.803
11.674
560.000

60.000
60.000
50.522
41.601
33.308
25.719
18.915
12.985
8.024
4.132
1.419
0

1.940.000
1.785.028
1.622.465
1.451.938
1.273.058
1.085.417
888.585
682.111
465.524
238.327
0

, 3 , ,
60.000 .
3: -

30/06/200
30/06/200+1
30/06/200+2
30/06/200+3
30/06/200+4
30/06/200+5
30/06/200+6
30/06/200+7
30/06/200+8
30/06/200+9
30/06/200+10

12

0,042775

250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
250.000
2.500.000

85.550
78.516
71.180
63.531
55.555
47.238
38.565
29.521
20.090
10.254
500.000

164.450
171.484
178.820
186.469
194.445
202.762
211.435
220.479
229.910
239.746
2.000.000

60.000

2.000.000
1.835.550
1.664.066
1.485.246
1.298.777
1.104.332
901.570
690.135
469.656
239.746
0

6.000
6.000
6.000
6.000
6.000
6.000
6.000
6.000
6.000
6.000
60.000

91.550
84.516
77.180
69.531
61.555
53.238
44.565
35.521
26.090
16.254
560.000

60.000
60.000
54.000
48.000
42.000
36.000
30.000
24.000
18.000
12.000
6.000
0

1.940.000
1.781.550
1.616.066
1.443.246
1.262.777
1.074.332
877.570
672.135
457.656
233.746
0

(30.06.200, 31.12.200
30.06.200+1) , 1, 2 3.
60.000
.
( 1)
30/6/200

89

___________________________________

__________________________________
1.940.000

___________________________________

1.940.000
__________________________________

31/12/200X
___________________________________

__________________________________

()
___________________________________

47.514
__________________________________

30/06/200X+1:
___________________________________

__________________________________

()

___________________________________

47.514

47.514
47514
154.972
250.000
__________________________________

( 2)
30/6/200:
___________________________________
__________________________________

- ()

___________________________________

2.000.000
__________________________________

31/12/200X:
___________________________________

__________________________________

1.940.000
60.000

()
___________________________________

47.514
__________________________________

30/06/200X+1:
___________________________________

__________________________________

()

- ()

___________________________________

47.514

47.514
47.514
164.450
9.478
250.000
__________________________________

( 3)
30/6/200:
___________________________________
__________________________________

- ()

___________________________________

1.940.000
60.000
2.000.000
__________________________________

90

31/12/200X
___________________________________

__________________________________

()
___________________________________

45.775
__________________________________

30/06/200X+1
___________________________________

__________________________________

()

- ()

___________________________________

45.775

45.775
45.775
164.450
6.000
250.000
__________________________________

.
18.6.1

,

. , (..
).

19

1. .
2. , .
3. ,

, 2 ,
. H
. ,
.
4. ,
.
5. :
) ,

) (
)
) ,
.
6.
.
7. :
) ,
) , .

91

8.
, .
, . ,
.
9.
:
)
)
.
10.
,
(
).
11. ,
.

19
19.1.1

( ), - , , (
) ( ) - , ( ).

19.1.2

.
( ) ,
.

1.000.000 .
995.000 3% . ,
2.000 . 995.000 + 2.000 = 997.000 .

19.2.1

,
. .

19.3.1

,
. ,
, .

19.3.2

, .
. 1.000.000 ( )
1,5 ,
1.000.000 , .

92


201 , 50.000.000 , 5%.
45.000.000 .
31/12/205.

:
) ,
) .

)
() 5.000.000 + (5 x 2.500.000) = 17.500.000 .
) 17.500.000 .
) , 45.000.000 201
.

201
(01/01)
-50.000.000
+ 5.000.000
-45.000.000

201
(31/12)

202
(31/12)

203
(31/12)

204
(31/12)

2.500.000

2.500.000

2.500.000

2.500.000

205
(31/12)
50.000.000
+ 2.500.000
52.500.000

) ,
7,469655%. (.. excel)
: 45.000.000 = 2.500.000 / (1+r) + 2.500.000 / (1+r)2 + 2.500.000 / (1+r)3 +
2.500.000 / (1+r)4 + 52.500.000 / (1+r)5.
) (. 50.000.000 ),
201 7.500.000 (
5.000.000 2.500.000 ),
202 205,
2.500.000 .
) - ,
5.000.000 ,
.
) - ,
5.000.000 ,
, : r =
7,469655%.
)
.
( / / )
201
202
203
204

7.500.000 2.500.000 2.500.000 2.500.000

3.500.000
3.500.000 3.500.000 3.500.000

[2,5+(5/5)]

3.361.345 3.425.684 3.494.830 3.569.140

205
2.500.000
3.500.000
3.649.001

93

)
.


-

31/12/201
50.000.000
7.500.000
-2.500.000
55.000.000

31/12/202
50.000.000
2.500.000
-2.500.000
50.000.000

31/12/203
50.000.000
2.500.000
-2.500.000
50.000.000

31/12/204
50.000.000
2.500.000
-2.500.000
50.000.000

31/12/205
50.000.000
2.500.000
-52.500.000
0

31/12/202
46.000.000
2.500.000
1.000.000
-2.500.000
47.000.000

31/12/203
47.000.000
2.500.000
1.000.000
-2.500.000
48.000.000

31/12/204
48.000.000
2.500.000
1.000.000
-2.500.000
49.000.000

31/12/205
49.000.000
2.500.000
1.000.000
-52.500.000
0

31/12/203
46.787.029
3.494.830
-2.500.000
47.781.859

31/12/204
47.781.859
3.569.140
-2.500.000
48.850.999

31/12/205
48.850.999
3.649.001
-52.500.000
0

31/12/201
45.000.000
2.500.000
1.000.000
-2.500.000
46.000.000

31/12/201
45.000.000
3.361.345
-2.500.000
45.861.345

31/12/202
45.861.345
3.425.684
-2.500.000
46.787.029

)
.
) , ,
, , , .
19.4.1

( ) , (. 5 19 ).

19.6.1

. ( ),
( . 8 19 ).

19.7.1

:
) ,
,
) , .

19.8.1

, . , . , ,
, .

19.8.2

,
, . , (

94

 ), () .
19.8.3

, , () .

31/12/205 500.000 . , , 400.000 1,5 (30/06/207).

400.000 1,5
8% 400.000/(1+0,08)1,5 = 356.389. , ( ) 500.000 - 356.389 = 143.611 .
, 356.389 (500.000 - 143.875)
8%, 400.000 30/06/207. 206 356.389 x 8% = 28.511 207
(356.389 + 28.511) x 8% x 6/12 = 15.396 .

, . ,
205
: 500.000 - 400.000 = 100.000.
, ,
.

19.8.4

, , , ,
, . , , . :
) ,
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.
) , ,
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) ( ) ,
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.

19.11.1 , ,
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207 ,
205 206 . 31 205 206,
.

95

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20
20.1.1

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.

20.1.2

, , , .

20.2.1

. (.. ). .

20.2.2

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, . , .

20.3.1

,
.

96

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.

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, (, , .)
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20.5.1

,
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.

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20.5.3

17

, . , .
, .

20.5.4

20.6.1

,
, .

20.6.2

,
() . ,
, , , .

31 201
.



100
100

1.200
1.200
()
150
150

20
20

190
160

97


, .
-

( / )
(0 / 140-150)

190
-20
170
150
1.150

160
-20
140
140
10
1.160

31/12/201 -
___________________________________
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()
10
()
10
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20.6.3

. ,
( )
( ), .

20.6.4

-
.

20.6.5

,
.
,
.

20.6.6

,
.

.

20.7.1

, FIFO,
, (
. 4.4.4 1003/2014). LIFO .

20.7.2

, (..
) .

20.7.3

.
.
, F.I.F.O.
.

98

 20:
20.1

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.
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.

20.2

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.

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99

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20.13 , () , 24 . 4308/2014,
.

, , ,
. ( , , , )
. (
).

500
10.000
2.000
50
12.550

2,50
2,35
1,00
15,00

1.250
23.500
2.000
750
27.500

200
5.000
200
0
5.400

1,00
0,50
0,35

200
2.500
70
0
2.770

700
70
630
100
530
3,00
1.890,00
15.000
2.250
12.750
7.500
5.250
3,10
39.525,00
2.200
440
1.760
1.000
760
1,50
2.640,00
50
0
50
2
48
40,00
2.000,00
17.950
2.760
15.190
8.602
6.588
46.055,00

,
.

100

350,00
13.450,00
590,00
50,00
14.440,00

, () 19.500 .

() ,
:
)
)

() ,
.
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, .

)
)

() .
() , , , .
(19.500 ) . ,
800,24 (1.890
) (46.055 ). : 800,24 = 19.500 x 1.890 / 46.055.

, : 19.500

630
12750
1760
50
15190

1.250,00
23.500,00
2.000,00
750,00
27.500,00

200,00
2.500,00
70,00
0,00
2.770,00

()

350,00
800,24
1.150,24
2.600,24
4,13
13.450,00
16.735,15
30.185,15
56.185,15
4,41
590,00
1.117,79
1.707,79
3.777,79
2,15
50,00
846,81
896,81
1.646,81
32,94
14.440,00
19.500,00
33.940,00
64.210,00
43,62

2.187,50
23.135,06
1.631,32
1.580,94
28.534,83

412,74
33.050,09
2.146,47
65,87
35.675,17

21

1. ( ). ,
.
2. .
.

21
21.1.1

101

21.2.1

, ,
, (.. ), ..
, .

22

1. .
.
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.
3. ,
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4. 1 3 ,
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10. .
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11. . .
12.
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13. , , ,
.
14. , , .

22
22.1.1

, .
.

102

22.1.2

. , (options),
(futures), (forwards).

22.1.3

, . , ,
, (.. ), , , .

22.1.4

,
.
.

22.2.1

22.3.1

,
.

201
1.000.000 . 997.000
3% . , , 2.000 .

1.000.000 , (3.000 ) (2.000 )
201 ( 5.000 ), . ,
() 1.000.000 .

22.4.1

4 1 3 22,
, , , 4
() 1 3.

22.4.2

. (
),
.

22.4.3

19
.

201
1.000.000 . 970.000
2% . , 2.000 .

103

-
968.000 ,
32.000 ( ) 5
(32.000 / 5 = 6.400 )
.

. 19.3.2 ,
( ).
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, (
18.2. ) ( 20.5 ).

22.7.1

, ,
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22.7.2

. /
:
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) , .

22.8.1

22.8.2

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.

22.9.1

: ) ) , , , .

10.000 . ,
60% .
-
40%
4.000 . ( )
.

, ,
, .

104

22.10.1 .
.
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, ,
).
/
.
50%, .
,
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22.11.2
.
.
22.12.1 . , ,
. , ,
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22.13.1 , (defined benefit plans),
. , . 2112/20,
40% . , ,
,
, .


(projected unit credit method).
22.13.2 ,
.
,
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22.13.3
,
.
,
, ,
. , .

105

22.14.1 , ,
.
.

( ), , 9 17.

,
.
)
31/12/201 ( 100%) 140.000 .
) 31/12/201 56.000 (
40%
).
) 202 12.000 , .
1)
31/12/202 100.000 . ,
(40%) 40.000 .
2) 1, 31/12/202 150.000 . ,
(40%) 60.000 .

() 202 ( , 1 2).

202 (12.000 ) 31/12/201. , 202 ,
. , 31/12/202
.

31/12/201
202
31/12/202
(1)
(1)
(2)
(2)

31/12/202
202
31/12/202
202

202
___________________________________

56.000
-12.000
44.000
40.000
4.000
60.000
16.000

__________________________________

()
12.000

12.000
___________________________________
__________________________________

106

 31/12/202 - 1
___________________________________

__________________________________

()
4.000

96.000
___________________________________
__________________________________
31/12/202 2
___________________________________

__________________________________

()
16.000
()
16.000
___________________________________
__________________________________

) 1
()
31/12/202

202.
22.14.2
( ),
,
. (
), .
) 60.04 ( ) :
1) 60.04.01 - . , .
2) 60.04.99 .
,
57.01.99
, ,
. 60.04.99
(57.01.99) ,
.
60.04.99 (
).
) () , 60.04
( )
, .
, ( 60.04.01),
( 60.04.99)
( 57.01.99), 0 ().
) ..99
.
.
99 .

107

 22.14.2, 22.14.1 :
202
___________________________________

__________________________________

60.04.01
12.000
38
12.000
___________________________________
__________________________________
31/12/202 - 1
___________________________________

__________________________________

57.01.99
16.000
60.04.99
16.000
___________________________________
__________________________________
31/12/202 2
___________________________________

__________________________________

60.04.99
4.000
57.01.99
4.000
___________________________________
__________________________________

1 60.04.99 .
22.14.3 (1) 22.14.2, 202 4.000 ( ) 60.04
(12.000-16.000=4.000). 4.000 ( ) .
12.000 (. 60.04.01).
() (. 57.01.99) 56.000-16.000=40.000
0 ().
22.14.4 , (2) 202,
12.000+4.000=16.000 ( 60.04). 12.000
, (1) ( 60.04.01),
.

23

1. .
. . ,
,
.
2. .

.
.

108

3. .
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. .
4. , ,

.
5. . ,
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23

23.1.1

,
, .
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,
.

23.1.2

,
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23.1.3

()
.

23.1.4

,
,
. , 40.000

, 4
5 . , . ( )
, 24 ,
. ,

109

 . , ( ),
40.000 .
23.1.5

23.1.4, ( )
. .

23.2.1

(
)
.

23.3.1

( ).
:
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.

23.3.2

/ . ( /) / , ,

.

23.3.3

23.3.4

,
. .

23.3.5

, ... 12 .

23.3.6

. , . ,
,
. ,

110

 , .
23.3.7

, .
,
. 34/2013/ , , ,
.... .

.
:

-

( 30%)

200
500
100
600
-180
320

201
500
-100
400
-120
380

, ,
201, 200 201, .
,
.
, 200 100
( ) 201.
,
201 ( )
200.
:
) 200 180 ,
100 x 30% = 30 ,
) 201 120 ,
100 x 30% = 30 ,
200.
:

-

( 30%)
/

200
500
100
600
-180
30
350

201
500
-100
400
-120
-30
350

,
200 201.

111

 200
___________________________________

__________________________________

()
180

30
()
180

30
___________________________________
__________________________________
201
___________________________________

__________________________________

()
120

30
()
180

30
___________________________________
__________________________________

200 201, 200 , 201 .
23.5.1

. ,
, ,
. ,


, , , ()
, .

1.

2.

3.

30/09/201, 1.000
, 5.100 .
()
31/12/201 ( ) , 7 . . ,
,
, 26%.
28/03/202 6,7 .

,
, 201 202 .

112

30/09/201
___________________________________

__________________________________

()
5.100

5.100
___________________________________
__________________________________
31/12/201
___________________________________

__________________________________

-
()
___________________________________

1.900
__________________________________

31/12/201
___________________________________

__________________________________

1.900

()

___________________________________

494
__________________________________

28/03/202
___________________________________

__________________________________

494

6.700
( -
)
1.900

5.100
-
1.900
(6.700 5.100 = 1.600)
1.600
___________________________________
__________________________________
28/03/202
___________________________________

__________________________________

494
(
)
494
___________________________________
__________________________________

24

1. 18 23, .
2. , ,
.
3. ,
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.
4.
,
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5.

113

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114

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24
24.1.1

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24.1.2

34/2013, -

115

 . , 24 ,
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24.2.1

24.1.4,
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24.2.2

24.3.1

( ) .
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24.3.2

,
.

24.4.1

, ( ) , ,

, ,
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( ) .

24.5.1

,
( )
. 1.500 500
, 1.000 .
1.200 , 1.200/1.000=1,2 :
1.500 x 1,2 500 x 1,2 = 1.200 , .

116

24.5.2

, , .

24.5.3

, . , :
) .
) , . , () (
).
.

24.5.4

. ,
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24.5.5

,

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24.5.6

24.6.1

,
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.

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24.6.3

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117

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24.7.1

-. ,
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24.7.2

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24.7.3

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24.7.4

7 24,
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.

24.7.5

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118

24.7.6

, , , , , ,
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.

24.7.7

( , ) .
.

24.7.8

(.. ) , () (
).

.

24.7.9

, ( , ),
, .

24.7.10 . ,
, (risk free rate)
(
). , , , .
5%
8%, , , .
.
24.7.11 ,
. ( ),
,
, . ,
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, ,
5 - 0,25=4,75 .
24.8.1

20
,

,
(commodity traders), . ( ) ( ) .

119

24.8.2

8 24,
.

24.9.1

, :
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24.9.2

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24.9.5

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24.9.6

( ) ( ) :
)

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()
( ):
)
)

100
20
130
90
2

120

 130 2 = 128
_________________________________

________________________________

128

20

120

28
_________________________________
________________________________
90 2 = 88
_________________________________

________________________________

88

20

12

120
_________________________________
________________________________

,
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19 ( 4 8).

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.

() . 200 200 ( ) 60
[ ( )], [ ( )]. 201
40 ,
.
.

_________________________________

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()
40
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40
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40
40
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121

) ,
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24.9.6(), 204,
,
.
20.
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___________________________________

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- ()
20

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20
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24.9.8

. , ( )
[ ()]
.

. 300
200 ( )
( ), 80 . 201 50
( ) .
, 203,
310 . ,
.

201
___________________________________

__________________________________

()
50
- ()
50
___________________________________
__________________________________
-

___________________________________

50
50
__________________________________

122

 203
___________________________________
- ()
-


___________________________________

__________________________________
50
30
10
90
__________________________________

( 50
90 ) 203 , ( 9 24)
() 310 50 = 60
( 60 , 50 10
).
24.10.1 . ,


() .
, .

,
.

:
11/04/201
20/06/201
:
25/09/201

120
180
300

4
6

480
1.080
1.560

200

1.400

201 (1.560 / 300)

31/12/1

5,20
8

:
F.I.F.O.
:
... (200 x 5,20):
F.I.F.O. [(120 x 4) +(80 x 6)]:

1.040
960

( ):
... (1.400 1.040)
F.I.F.O. (1.400 - 960)
:
...
F.I.F.O.

360
440

100
100

5,20
6

520
600

123

 31/12/201

100

800

( :
... (800 520)
F.I.F.O. (800 - 600)

280
200

( ):
... (360 280)
F.I.F.O. (440 - 200)

640
640

24.10.2

.
24.10.3

.
24.10.4 , .
24.11.1

. 34/2013
. , .... ,
, ,
. ,
. , , ... 39
.
24.11.2 ,
.
() (
), . ,
. , .
. , () 120 100 , 100 / 120 = 83,3% 120/100 = 120%.
, , 72% 140%
(.. 100 / 140 = 72% 140 / 100 = 140%) .
24.11.3 ,
, .
( ).

124

24.11.4
, ( )
.
24.11.6 , ,
( ), .

( ) .
24.11.6 ( )
, (
) .
24.11.7 :
) (
) , ( ) (interest rate swap),
.
.
) ( - ),
(..
5 -
).
24.11.8
: ()
( ), ()
.
24.11.9 ,
.
.
24.11.10
, () . ()
. (
) , .
24.11.11 :
) (
) , ( ) (interest rate swap),
.
) (
, , .. ), , (
),
.

125

24.14.1


. ,
.
,
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()
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24.14.2
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, .

25

1. 2 14 .
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126

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25
25.3.1

, ,
3. ,
.

25.3.2

(probable) , ,
.
, , , . ( ), .

25.3.3

, . , , .. ,
,
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.

127

25.3.4

,
, ,
,
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25.4.1

,
( ) .

25.4.2

( )
.
.
(input) (.. , , ..) (output)
(.. , , , ..).
( 1 20
).
. , ,
.
.

15 201
3.000.000 . 36
2.000.000 . ,
1.000.000 .
201, 750.000 37,5% .
250.000 201.

:
)

201

201

201,

201,

128

25.4.3

201.

201 37,5% (750.000 /

2.000.000 = 0,375), 201 37,5%
. , 201 : 3.000.000 x 0,375 = 1.125.000 .

201 125.000
: 1.125.000 1.000.000 = 125.000 .

201 500.000
: 750.000 250.000 = 500.000 .

,
( ),
.

1.

2.
3.
4.

02/01/201 10.000 6.000

.
4 .
201 600 202 1.200
( 1.800).

8.000 400 , 10.400 .

201 202.

201 600 . ,
600 / 6.000 = 10%. , 10.000 x 10% = 1.000 .
202 1.200 . ,
1.800 / 8.000 = 22,5%, 10.400 . , 201 202
10.400 x 22,5% = 2.340 . , 202
2.340 - 1.000 =1.340 .

25.4.4

:
) .
)
,
.
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.

25.4.5

( ), .

129

, ,
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25.4.6

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25.4.8

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26

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130

 26
26.1.1

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1.000
- 600
400

, 29 .
26.1.2

(, ..) 12 () , .
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26.1.3

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.

26.1.4

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(..
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26.4.1

, .
, .

26.4.2

(26.4.1) .

26.4.3

, ,
.

02/01/201 4.000.000 . 20 ( 5%).

31/12/204

131

 3.840.000,
20%.

)
)
)

(
) 31/12/204.
205.

205 .

20%,
. 20%

31/12/204 31/12/204 (
5), (3.840.000 - 3.200.000) / 3.200.000 = 20%.
.
1
2
3
4
5
6
7
8
9
10
11
12

02/01/201

204
31/12/204 (4 x 200.000)
31/12/204




(3.840.000 - 3.200.000)
205 (4.800.000 x 0,05)
205

4.000.000
0,05
200.000
800.000
3.200.000
1,20
4.800.000
960.000
3.840.000
640.000
240.000
40.000

( 10) 31/12/204.

, 205
40.000 , 200.000 240.000 . ,
40.000 ( 640.000 -
10) . 40.000
(
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27

1. .
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132

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27
27.1.1

, (monetary / nonmonetary items). ,

.

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, .

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27.3.1

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133


12/09/201
$ 10.000 .
- $/ = 1/0,8, 1 = 0,8 . 31/12/201 - 1/0,65 12/03/202
1/0,70.
:
201
202.

12/09/201
31/12/201
12/03/202

$
10.000,00
10.000,00
10.000,00

$/
0,80
0,65
0,70

8.000,00
6.500,00
7.000,00

-1.500,00
500,00

, 1.500
() 201
6.500 , 500 ()
202 , 7.000 31.12.201 6.500 ( 31/12/201).
:
12/09/201
___________________________________

__________________________________
8.000

___________________________________

8.000
__________________________________

31/12/201
___________________________________

__________________________________

1.500

1.500
___________________________________
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12/03/202
___________________________________

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7.000

6.500

500
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27.4.1

,
(net investment in a foreign operation) () ( ), , ,
, , .
,
, .

134

27.4.2

,
() . .

(, ).

11/04/201 500.000
, .
$/ = 1/0,8 (1 = 0,8 ). 31/12/201 1
= 0,65 () 500.000 x (0,65-0,8)
= 75.000 .

, .
.
( ), 14 34 . ,
31/12/201 75.000 , .

27.4.3

, .
.

27.4.4

.

( ).

28

1.
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3. .

28
28.1.1

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135


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02/01/201 ( ) 10.000
10 (-

136

 10%). 5% 10%. 205

.
4.600 1 204 4.800
31 204. 204
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204.
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, 4.000 (10.000*10%*4).
,
204 ( )
204 (-). .
204 ( )

01.01.204 / 204
1.500

1.500
01/01/204 / 204
3.000
31.12.204 / 204

31.12.204 / 204

4.600
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3.100

2.000
2.000
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()
500
500
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204

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,
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28.2.2

, .
. , 31.12.201 , 202 ,
201.

137

 6
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29
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140

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29
29.1.1

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29.8.1

(8)

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01/01/201

31.12.201

01.01.201

31.12.201

31.12.201

141

, :

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4
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29.10.1 .

01/01/201





31/12/201

500
50
-80
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6

400
40
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5
7

466

382

300
30
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143

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.1022/21.1.2015]

30
30.1.1

1 [ () ()]
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, , , ..) ,
.6.
,
.

30.1.2

2() 1 ( , , , ..) ,
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.

144

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30.3.2

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7 [ () ()]
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30.7.2

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145

30.11.1 () 2 1 ( , , , ..) 3054/2002

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30.01

31 2013, . 2238/1994,
, .

30.02

, 31 2014
, , , . 31
2014 ( 4 30).

30.03

2014
31/12/2014 ( ) 150.000 .
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. , . 14
30 . 4308/2014 , , ,
, . [.: . .1019/201.5.]

146

 30
30.1
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:
1. 14 30 . 4308/2014 ( 251 ).
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1
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[: .... .1019/16.1.2015 (... 221/17.2.2015)]

147

:
1. 14 30 . 4308/2014 ( 251 ).
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1
1. 2 2 1 . 4308/2014, 2 ( ), ( )
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148

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3 30 4308/2014 (150.000 ).
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30.3
[: .... .1022/21.1.2015 (... 252/20.2.2015)]

:
1. 14 30 . 4308/2014 (... 251 ).
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149

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150

31

1.
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) : 250 .
4. 1 3
4 8 34.

20%.
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() .8.1 .8.2, .

31

31.1

31
2 (
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32.2.2

, [ ()
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32.7.2

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34.1.1

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158

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35
35.1.1

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35.2.2

, 18 .
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30/06/200 30%
, . , , :

780 x 30%

1000
400
100
300
20
0
-900
920

800
500
100
300
20
-40
-900
780
234
250
16

-200
100

-40
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:
___________________________________
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___________________________________

250
250
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35.3.1

, ,

.

35.3.2

161

 ( . 35.2.2)
(01/07/200 31/12/200)
40 ,
30%, 12 , . ,
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,
(400 ).
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. ,
16 10 ,
6/12 x (16/10) = 0,8 .
31.12.200 :
___________________________________
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(12 - 1 - 0,8)

___________________________________

10,2
10,2
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(30/4/200+1) (
) 8 .
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___________________________________

8
8
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35.6.1

, . ,
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.

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, 35
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37
37.2.1

( 38) 28
.

37.2.2

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37.2.3

,
31 2014. ,
01/01-31/12 ( ),
01/01/2015 31/12/2015. , 01/01/2015.
, 01/07 - 30/06,
01/07/2015 30/06/2016.

37.2.4

, () ,
. , 01.01-31.12, 01/01/2014 31/12/2013,
01/07 30/06, 01/07/2014, 30/6/2014.

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.
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01/01/2015. .

37.3.4

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167

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37.3.6

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31/12/2013 (
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) 1.500.000 , ( ).
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)
300.000 .

31/12/2013
10.000.000,00
7.000.000,00
5.000.000,00
22.000.000,00

3.000.000,00
1.000.000,00
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4.500.000,00

5.000.000,00
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22.000.000,00

. , .

168

31/12/2013

01/01/2014

10.000.000
7.000.000
5.000.000
22.000.000

01/01/2014

2.000.000
-1.500.000
-1.000.000
-500.000

12.000.000
5.500.000
4.000.000
21.500.000

-800.000
-800.000

3.000.000
1.000.000
-300.000
3.700.000

3.000.000
1.000.000
500.000
4.500.000

5.000.000
0
12.500.000
17.500.000

300.000

5.000.000
300.000
12.500.000
17.800.000

22.000.000

-500.000

21.500.000

300.000

( 26%)

31/12/2013

10.000.000
7.000.000
5.000.000
0
22.000.000

3.000.000
1.000.000
500.000
4.500.000

5.000.000
0
12.500.000
17.500.000

22.000.000

01/01/2014

01/01/2014

2.000.000
-1.500.000
-1.000.000

...
01/01/2014

208.000
208.000

12.000.000
5.500.000
4.000.000
208.000
21.708.000

208.000
208.000

3.000.000
1.000.000
-92.000
3.908.000

300.000

5.000.000
300.000
12.500.000
17.800.000

-500.000

208.000

21.708.000

-500.000

-800.000
-800.000

300.000

: 0,26 x (-2.000.000 + 1.500.000 + 1.000.000 + 300.000) = 208.000

37.4.1

, :
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37.5.1

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169

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02/01/2010 230.000
230.000 ( ), , 3299/2004.
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:
1.
2.

3.
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(01/01/204),
.
02/01/2010
31/12/2013: 230.000 / 10 = 23.000 x 4 = 92.000 . 92.000 . 4308/2014.
92.000
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:
01/01/2014

01/01/2014
1.000.000
230.000
114.000
1.344.000

...
01/01/2014

0
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0
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0
92.000
0
92.000

1.000.000
92.000
114.000
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01/01/2014

01/01/2014
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230.000
114.000
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0
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0
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...
01/01/2014

92.000
0
92.000

1.000.000
92.000
114.000
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230.000

138.000

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) 5 37 . 4308/2014,

230.000 .

170

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37.6.2

(2014) ,
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( 2014),
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2015 ( ), .
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2014, .
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171

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200
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. 2014
___________________________________________________________________________
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37.6.2
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37.7.1

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37.8.1

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37.8.2

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37.9.1

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173

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, ,
... 1093619/748/0015/. 1212/10.8.1995 ( 719),
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1.1.2015.
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38
38.1.1

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38.1.2

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38.2.1

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38.3.1

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38.3.2

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23639

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23639639

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28638

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45.21, 53.90
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45.11, 45.12, 45.13

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81.02.03, 81.02.04, 81.02.05
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81.02.02, 81.02.03, 81.02.04, 81.02.05
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