Spanish to English translations [PRO]
Bus/Financial - Accounting | | Spanish term or phrase: a valores históricos | From a cover letter written by the accountant to the Board of Directors on a Venezuelan financial report:
"Los Balances Generales ... y los Estados de Resultados que se acompañan han sido preparados por mí
*** a valores históricos *** por instrucciones de la gerencia..." |
| mary bowenKudoZ activityQuestions: 218 ( 3 open) ( 1 closed without grading) Answers: 1
| Local time: 03:31
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| | at historical values | Explanation:
THis has to do with inflation accounting. There are two types of accounting:
1. Historical cost accounting:
Financial accounting based on the original cost of an item IGNORING inflationary increases.
Reference: Barron's Dictionary of Accounting Terms
2. Inflation accounting:
A method of reporting that allows for the financial effects of changes in the price level. Two possible means of taking inflation into account are CONSTANT DOLLAR ACCOUNTING and CURRENT COST ACCOUNTING
Reference: Barron's Dictionary of Accounting Terms
Also check out Mexico's Boletin B-10 "Los efectos de la inflación en la información financiera" y sus cinco adecuaciones, issued by the Instituto Mexicano de Contadores Públicos, A.C.
For a good number of years, inflation accounting was mandatory in Mexico. That is changing this year.
Hope this helps.
19 years of experience translating for Mexico City based member firms of international accounting member firm networks (PwC, KPMG, Grant Thornton, etc.) and financial institutions in general
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| Selected response from:
 Richard Cadena
Mexico
Local time: 02:31
| Grading comment Thank you for taking the time to write this helpful explanation.
4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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3 mins confidence:   peer agreement (net): +1
4 mins confidence:
30 mins confidence: peer agreement (net): +2 at historical values
Explanation:
THis has to do with inflation accounting. There are two types of accounting:
1. Historical cost accounting:
Financial accounting based on the original cost of an item IGNORING inflationary increases.
Reference: Barron's Dictionary of Accounting Terms
2. Inflation accounting:
A method of reporting that allows for the financial effects of changes in the price level. Two possible means of taking inflation into account are CONSTANT DOLLAR ACCOUNTING and CURRENT COST ACCOUNTING
Reference: Barron's Dictionary of Accounting Terms
Also check out Mexico's Boletin B-10 "Los efectos de la inflación en la información financiera" y sus cinco adecuaciones, issued by the Instituto Mexicano de Contadores Públicos, A.C.
For a good number of years, inflation accounting was mandatory in Mexico. That is changing this year.
Hope this helps.
19 years of experience translating for Mexico City based member firms of international accounting member firm networks (PwC, KPMG, Grant Thornton, etc.) and financial institutions in general
Reference: http://aicpa.org
Reference: http://imcp.org.mx
| Richard Cadena
Mexico
Local time: 02:31
Specializes in field
Native speaker of:  English
PRO pts in category: 555
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| | Grading comment | Thank you for taking the time to write this helpful explanation. |
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| Changes made by editors |
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| Mar 4, 2008 - Changes made by Richard Cadena: | | Created KOG entry | KudoZ term => KOG term |
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