principio di prudenza e di competenza economica
English translation: principle of prudence and accrual basis accounting
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| 16:13 Mar 7, 2003 |
| Italian to English translations [PRO] Bus/Financial / Notes to financial statements | |||||||
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|  Selected response from: Catherine Bolton Local time: 23:19 | ||||||
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Answers
9 mins confidence: 
based on a principle of economic rationality and expertise Explanation: costs and revenues (or whatever other words you want to use) have been found to be in line with a rational and sound economic guidelines/principles I am sure you can find a better wording -------------------------------------------------- Note added at 2003-03-07 16:23:39 (GMT) -------------------------------------------------- or rational and sound economic management |
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9 mins confidence: peer agreement (net): +1
peer agreement (net): +1according to good accounting practices/principles. Explanation: profits (revenue) and costs appear to have been determined according to good/sound (and competent) accounting principles. i've seen "sound accounting principles/practices" quite a bit lately. cmq the turn of the phrase è quello. -------------------------------------------------- Note added at 2003-03-07 16:32:04 (GMT) -------------------------------------------------- p.s. i\'ve been looking for an italian version of this statement--now i have one! the competent is optional--i wouldn\'t put it. according to sound accounting principles. GAAP is generally accepted accounting principles, but i think they\'re trying to go beyond that. anyways, take a look at this page, and you\'ll get a lot of options: http://www.quickmba.com/accounting/fin/ |
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12 mins confidence:
prudence concept and matching concept Explanation: from Eurodicautum |
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13 mins confidence:
prudence concept and matching concept Explanation: from Eurodicautum |
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16 mins confidence:
in accordance with the principles of prudence and competence Explanation: .... Reference: http://www.lottomatica.it/file_en/pdf/consolidato.pdf |
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27 mins confidence: peer agreement (net): +3
peer agreement (net): +3principle of prudence and of accrual basis accounting Explanation: Prudence is fine for "prudenza", meaning no spendthrift behavior! However, "competenza economica" refers to accrual basis accounting, as opposed to cash basis accounting. You can find confirmation of this meaning of "competenza economica" in any good Ital/Eng financial dictionary. My own reference is Codeluppi. The idea is that expenses and income are posted in the books when incurred ("nel periodo di competenza"). As a result, if you invoice someone in June, it gets posted in June, even though you may not get the money until September. For an English explanation of the concept: accrual basis accounting The most commonly used accounting method, which reports income when earned and expenses when incurred, as opposed to cash basis accounting, which reports income when received and expenses when paid. Under the accrual method, companies do have some discretion as to when income and expenses are recognized, but there are rules governing the recognition. In addition, companies are required to make prudent estimates against revenues that are recorded but may not be received, called a bad debt expense. Reference: http://www.investorwords.com/cgi-bin/getword.cgi?61 |
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