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substantialistisch en ministeriele lifo-stelsel

English translation: real or prescribed LIFO system

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13:15 Feb 23, 2006
Dutch to English translations [PRO]
Bus/Financial - Accounting
Dutch term or phrase: substantialistisch en ministeriele lifo-stelsel
bedrag van de voorraden, voorzover gewaardeerd volgens:
1. het ijzeren voorraadstelsel
2. een substantialistisch lifo-stelsel
3. het ministeriële lifo-stelsel
4. een eventueel ander substantialistisch waarderingsstelsel

relates to corporation tax
Andre de Vries
United Kingdom
Local time: 07:54
English translation:real or prescribed LIFO system
Explanation:
substantialistisch is a Germanism. LIFO means 'Last In, First Out'. As apposed to FIFO (First In, First Out), which are different ways of determining the accounting value of items held in stock that may have been received at different dates and at a different cost.
I am not so sure about 'ministeriele'. I presume what is meant, is a system imposed by the government for tax accountng.
Selected response from:

xxxLouisV
Australia
Local time: 16:54
Grading comment
thanks and also to Jarry
4 KudoZ points were awarded for this answer

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Summary of answers provided
4real or prescribed LIFO systemxxxLouisV
3Stocks valued on the basis of inflation accountingxxxjarry


Discussion entries: 6





  

Answers


9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
real or prescribed LIFO system


Explanation:
substantialistisch is a Germanism. LIFO means 'Last In, First Out'. As apposed to FIFO (First In, First Out), which are different ways of determining the accounting value of items held in stock that may have been received at different dates and at a different cost.
I am not so sure about 'ministeriele'. I presume what is meant, is a system imposed by the government for tax accountng.

xxxLouisV
Australia
Local time: 16:54
Native speaker of: Native in EnglishEnglish
PRO pts in category: 8
Grading comment
thanks and also to Jarry

Peer comments on this answer (and responses from the answerer)
agree  Jack den Haan: I was trained as an engineer, not an accountant, but this sounds reasonable to me. // A slight variation perhaps: realistic and government-prescribed (or: official) LIFO system?
9 hrs

disagree  xxxjarry: I was trained as an accountant and this does NOT sound as a suitable answer. I stick to my suggestion but unfortunately there are very few people on KudoZ who are able to judge it on its merits.
6 days
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Stocks valued on the basis of inflation accounting


Explanation:
"Substantialistische methode van voorraadwaardering":
Stocks valued on the basis of inflation accounting (i.e. base stock method or LIFO).
"Ministeriele LIFO stelsel": presumably stocks valued on the basis of the historical cost convention (but I am not sure about this).

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Note added at 20 hrs (2006-02-24 09:39:23 GMT)
--------------------------------------------------

In addition to the "substantialistische methode" of stock valuation (or base stock method or LIFO), there is the "nominalistische methode" of stock valuation. The latter is what is known as the First In First Out (FIFO) method and is based on the historical cost convention. The former, as expained earlier, is based on inflation (i.e. curent cost) accounting. I have a strong suspicion that "nominalistisch" and "Ministeriele methode van voorraad waardering" are synonyms. I cannot be sure of that, however.
To Jack: I had hoped and expected that Jack den Haan would have given me a little more credit than to assume that I did not know the meaning of LIFO (or FIFO for that matter). Thanks all the same for the addition.

xxxjarry
South Africa
Local time: 08:54
Specializes in field
Native speaker of: English
PRO pts in category: 164

Peer comments on this answer (and responses from the answerer)
neutral  Jack den Haan: lifo = Last In First Out. See havovwo.nl/vwo/vmo/bestanden/vmo05iiopg7.pdf // Why so aggressive? // Please see my response above in Notes to/from Asker.
58 mins
  -> The question is not LIFO but "substantialistisch en ministerieel LIFO stelsel". No aggression whatsoever was intended. This question requires a very technical answer, however, and yours doesn't do it any justice.
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