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hard close

Spanish translation: Dificil reconciliacion entre companias al final de Septiembre

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13:19 Dec 3, 2004
English to Spanish translations [PRO]
Bus/Financial - Accounting / year-end accounting reporting
English term or phrase: hard close
Year-end reporting instruction.Source: dutch company.
"Hard Close (September end Intercompany reconciliation"
edionisi
Spanish translation:Dificil reconciliacion entre companias al final de Septiembre
Explanation:
Hard close (September end) intercompany reconciliation.
Dificil ( end of the month of September) differences (auditing)between companies
Selected response from:

Maria McCollum
Local time: 04:17
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer

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Summary of answers provided
3 +2Dificil reconciliacion entre companias al final de SeptiembreMaria McCollum
4Cierre de Septiembre ajustado y reconciliación intercompañía
Paula Morabito
Summary of reference entries provided
hard close
Luisa Ramos, CT

Discussion entries: 1





  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
Dificil reconciliacion entre companias al final de Septiembre


Explanation:
Hard close (September end) intercompany reconciliation.
Dificil ( end of the month of September) differences (auditing)between companies

Maria McCollum
Local time: 04:17
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  FlyHi
2768 days

agree  neilmac: :)
2769 days
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8 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
Cierre de Septiembre ajustado y reconciliación intercompañía


Explanation:
Se refiere a que tienen poco tiempo para cerrar el mes. Eso se dá también en mi compañía en Septiembre, porque cierra el primer half del año fiscal. La reconciliación financiera intercompany se debe hacer para que solucionar diferencias que puedan tener las unidades de negocios.

Paula Morabito
Argentina
Local time: 05:17
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
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Reference comments


2769 days
Reference: hard close

Reference information:
Some audits involve a 'hard close' or 'fast close' whereby certain substantive procedures can be performed before year-end. For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year end, it is only necessary for them to audit the December income/expense movements and the 31st December balance sheet. In some countries and accountancy firms these are known as 'rollforward' procedures.
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Hard close is normally something like a mock closing and usually done just before year end in large MNCs. say if their accounting year ends in Dec, hard close is done in Nov.

It will be like accruing all the provisions, true ups, starting the collection of data for impairments, fair value assessments. Starting the audit for the last quarter and the year so that any observations or differences may be corrected before year end and faster finalisation of numbers for press release can be done,


    Reference: http://en.wikipedia.org/wiki/Financial_audit
    Reference: http://www.caclubindia.com/forum/what-is-quot-hard-close-quo...
Luisa Ramos, CT
United States
Native speaker of: Native in SpanishSpanish
PRO pts in category: 12
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