This question was closed without grading. Reason: Other
Jan 29, 2018 16:06
6 yrs ago
6 viewers *
Spanish term
Cuenta acreedora de previsión
Spanish to English
Other
Economics
Hi all,
I am translating the Articles of Association of a Spanish company and I'm struggling with the term "cuenta acreedora de provisión".
"Entre las competencias de la Junta General están las siguientes:
(...)
i) Establecer reservas, fondos de regularización o cuentas acreedoras de previsión, o cuentas funcionales."
I know "cuenta acreedora" means "credit account" or "account payable", but I'm lost with the "de provisión" bit.
Any ideas?
Thanks in advance,
I am translating the Articles of Association of a Spanish company and I'm struggling with the term "cuenta acreedora de provisión".
"Entre las competencias de la Junta General están las siguientes:
(...)
i) Establecer reservas, fondos de regularización o cuentas acreedoras de previsión, o cuentas funcionales."
I know "cuenta acreedora" means "credit account" or "account payable", but I'm lost with the "de provisión" bit.
Any ideas?
Thanks in advance,
Proposed translations
(English)
4 +1 | Provision account | Juan Uslar Gathmann |
4 | provisional /temporary credit account | David Hollywood |
4 | credit account for accruals | Francois Boye |
3 | Provident Fund account | Daniel Liberman |
References
previsión vs provisión | patinba |
Proposed translations
21 mins
provisional /temporary credit account
https://arca.com/resources/blog/what-is-provisional-credit
Provisional credit is a temporary credit issued from a financial institution into your bank account. It's often used in situations where a transaction has not been verified or is being disputed. If you are the owner of a very successful high-volume, high-cash payment usage business, you are accustomed to having financial peaks ...
--------------------------------------------------
Note added at 27 mins (2018-01-29 16:34:41 GMT)
--------------------------------------------------
they back you up knowing that you're not going to default
--------------------------------------------------
Note added at 30 mins (2018-01-29 16:37:47 GMT)
--------------------------------------------------
and that's good banking
Provisional credit is a temporary credit issued from a financial institution into your bank account. It's often used in situations where a transaction has not been verified or is being disputed. If you are the owner of a very successful high-volume, high-cash payment usage business, you are accustomed to having financial peaks ...
--------------------------------------------------
Note added at 27 mins (2018-01-29 16:34:41 GMT)
--------------------------------------------------
they back you up knowing that you're not going to default
--------------------------------------------------
Note added at 30 mins (2018-01-29 16:37:47 GMT)
--------------------------------------------------
and that's good banking
Peer comment(s):
neutral |
Francois Boye
: a provision relates to a fact already known; it does not relate to the future
4 hrs
|
+1
51 mins
Provision account
A provision is the amount of an expense that an entity elects to recognize now, before it has precise information about the exact amount of the expense. For example, an entity routinely records provisions for bad debts, sales allowances, and inventory obsolescence.
These accounts diminish the amount the Firm can distribute in the way of profits because they (potentially) affect the actual earnings... for instance the receivables... if all of the customers that pay on credit do not end up paying, you have to make provisions for that event...
These accounts diminish the amount the Firm can distribute in the way of profits because they (potentially) affect the actual earnings... for instance the receivables... if all of the customers that pay on credit do not end up paying, you have to make provisions for that event...
Peer comment(s):
neutral |
Francois Boye
: a provision relates to a fact already known; it does not relate to the future
3 hrs
|
No way! What you know is about the existence of the risk. Not the exact amount...
|
|
agree |
patinba
4 hrs
|
Thank you!
|
39 mins
credit account for accruals
credit account to pay for accrued charges or charges to come (this explains the concept of forecasting in the text in Spanish).
--------------------------------------------------
Note added at 5 hrs (2018-01-29 21:37:43 GMT)
--------------------------------------------------
Accruals are charges to come with uncertain values. This is the reason why credit accounts for accruals differ from provisional accounts.
--------------------------------------------------
Note added at 5 hrs (2018-01-29 21:48:01 GMT)
--------------------------------------------------
Accrued expense
Accrued expense is a liability whose timing or amount is uncertain by virtue of the fact that an invoice has not yet been received.[3] The uncertainty of the accrued expense is not significant enough to qualify it as a provision. An example of an accrued expense is a pending obligation to pay for goods or services received from a counterpart, while cash is to be paid out in a later accounting period when the amount is deducted from accrued expenses.
Under International Financial Reporting Standards, this difference is best summarized by IAS 37 which states:
"11 Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast:
"(a) trade payables are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier; and
"(b) accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees (for example, amounts relating to accrued vacation pay). Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions.
"Accruals are often reported as part of trade and other payables, whereas provisions are reported separately."
--------------------------------------------------
Note added at 5 hrs (2018-01-29 21:37:43 GMT)
--------------------------------------------------
Accruals are charges to come with uncertain values. This is the reason why credit accounts for accruals differ from provisional accounts.
--------------------------------------------------
Note added at 5 hrs (2018-01-29 21:48:01 GMT)
--------------------------------------------------
Accrued expense
Accrued expense is a liability whose timing or amount is uncertain by virtue of the fact that an invoice has not yet been received.[3] The uncertainty of the accrued expense is not significant enough to qualify it as a provision. An example of an accrued expense is a pending obligation to pay for goods or services received from a counterpart, while cash is to be paid out in a later accounting period when the amount is deducted from accrued expenses.
Under International Financial Reporting Standards, this difference is best summarized by IAS 37 which states:
"11 Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast:
"(a) trade payables are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier; and
"(b) accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees (for example, amounts relating to accrued vacation pay). Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions.
"Accruals are often reported as part of trade and other payables, whereas provisions are reported separately."
11 hrs
Provident Fund account
Provident Fund account.
Reference comments
10 mins
Reference:
previsión vs provisión
In accounting there is a difference between these two terms, and you have used them both. Before we start, please confirm the correct term.
Discussion
Accrued expense is a liability whose timing or amount is uncertain by virtue of the fact that an invoice has not yet been received.[3] The uncertainty of the accrued expense is not significant enough to qualify it as a provision. An example of an accrued expense is a pending obligation to pay for goods or services received from a counterpart, while cash is to be paid out in a later accounting period when the amount is deducted from accrued expenses.
Under International Financial Reporting Standards, this difference is best summarized by IAS 37 which states:
"11 Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast: