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Apartamientos

English translation: Departures

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Apartamientos
English translation:Departures
Entered by: Richard Cadena
Options:
- Contribute to this entry
- Include in personal glossary

03:54 Mar 29, 2007
Spanish to English translations [PRO]
Bus/Financial - Finance (general)
Spanish term or phrase: Apartamientos
Tengo dudas sobre el término "apartamientos" . El párrafo dice "que incluyó una salvedad, relacionada con ciertos apartamientos significativos a las normas contables profesionales vigentes ... Gracias !
caro1504
Departures
Explanation:
The term used in the Accounting Spanish of Mexico is "desviación" in this case.
Black's Law Dictionary has the following definition of this term:
A deviation or divergence from a standard rule, regulation, measurement, or course of conduct.

The context gives the impression of being an external auditor's report or opinion on the financial statements. A "departure" in this case usually implies not complying with a generally accepted accounting principle or generally accepted accounting standard when the financial statements were audited.

For example, inflation accounting is required to be reflected in the financial statements, in accordance with Bulletin B-10 "Los efectos de la inflación en la información financiera y sus cinco adecuaciones" of Accounting Principles Generally Accepted in Mexico. This means that all amounts have to be restated for purposes of inflation so that they will concur with pesos of constant purchasing power as of fiscal year-end.

However, if the company presents the amounts of its financial statements in historical amounts, the auditor who signs off on the financial statements has to disclose this "departure" or failure to adhere to the guidelines of Bulletin B-10. This particular "departure" is grounds for the auditor to issue a qualified opinion on the financial statements, due to this "departure" from Bulletin B-10.

Some international companies report historical amounts to their corporate headquarters abroad and amounts restated for inflation for local purposes in Mexico.

Hope this helps.
18 years of experience translating from Spanish to English for the Mexico City accounting, auditing, tax, and financial community.



--------------------------------------------------
Note added at 55 mins (2007-03-29 04:50:09 GMT)
--------------------------------------------------

The following text can be found at the following website:
www.nysscpa.org/cpajournal/old/07085934.htm

Similar to pre-SAS 58, the inability to perform an audit in accordance with GAAS or a material departure from GAAP precludes the auditor from issuing an unqualified opinion. Depending on materiality, either a qualified option or a disclaimer of opinion is issued for a material departure from GAAP. Piece-meal opinions (as to specified line items in the financial statements) continue to be inappropriate, and, as previously noted, "subject to" qualifications are eliminated.

Scope Limitations. Scope restrictions may be imposed by the client or by circumstances, such as the timing of work on inadequacy of accounting records.

Under the new reporting format, a qualified opinion requires no change in the opening paragraph because a scope limitation does not change management/auditor responsibility. The scope paragraph contains a reference to the explanatory paragraph, which describes the reasons for the qualification and precedes the opinion paragraph. The opinion paragraph includes the appropriate qualifying language.

Because a disclaimer of opinion caused by a scope limitation means an incomplete audit was performed by the auditor, the opening paragraph contains no reference to the auditor's responsibility or to the word "audited." Also, the scope paragraph is eliminated. The explanatory paragraph (preceding the opinion paragraph) describes why GAAS was not followed. The concluding paragraph contains the usual language disclaiming an opinion.

Departures from GAAP. A material departure from GAAP does not affect management/auditor responsibility on the use of GAAS. Therefore, for reporting purposes, no change is made to either the standard opening or scope paragraphs in a qualified or adverse opinion. The reasons for the modification are described in the explanatory paragraph (preceding the opinion paragraph) and the appropriate modifying language is contained in the concluding paragraph.


--------------------------------------------------
Note added at 55 mins (2007-03-29 04:50:44 GMT)
--------------------------------------------------

GAAP - Generally Accepted Accounting Principles
GAAS - Generally Accepted Auditing Standards

--------------------------------------------------
Note added at 16 hrs (2007-03-29 20:23:09 GMT)
--------------------------------------------------

Additional reference:
2006 Accounting Trends & Techniques
Page 589
Paragraph 7.43 - "Departures From Unqualified Opinions"
Selected response from:

Richard Cadena
Mexico
Local time: 03:10
Grading comment
Gracias, Richard. Ésta es la que más se ajustó a mi contexto. Igualmente, agradezco a todos sus sugerencias.

4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1Departures
Richard Cadena
4 +1provisions
David Hollywood
4clausesLEALZ
4"..related with certain significant deviatios to the prevailing professional accounting regulations"
MikeGarcia


  

Answers


5 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
provisions


Explanation:
I would say ...

David Hollywood
Local time: 05:10
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 714

Peer comments on this answer (and responses from the answerer)
agree  esing
1 hr
  -> thanks esing :)
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
clauses


Explanation:
or sections

Just another option

LEALZ
United States
Local time: 01:10
Works in field
Native speaker of: Native in SpanishSpanish
Login to enter a peer comment (or grade)

4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
"..related with certain significant deviatios to the prevailing professional accounting regulations"


Explanation:
As per the context; it suggests that "se están apartando de...".-

--------------------------------------------------
Note added at 4 hrs (2007-03-29 08:30:26 GMT)
--------------------------------------------------

Typo:"deviations".-

MikeGarcia
Spain
Local time: 10:10
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 450
Login to enter a peer comment (or grade)

51 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
Departures


Explanation:
The term used in the Accounting Spanish of Mexico is "desviación" in this case.
Black's Law Dictionary has the following definition of this term:
A deviation or divergence from a standard rule, regulation, measurement, or course of conduct.

The context gives the impression of being an external auditor's report or opinion on the financial statements. A "departure" in this case usually implies not complying with a generally accepted accounting principle or generally accepted accounting standard when the financial statements were audited.

For example, inflation accounting is required to be reflected in the financial statements, in accordance with Bulletin B-10 "Los efectos de la inflación en la información financiera y sus cinco adecuaciones" of Accounting Principles Generally Accepted in Mexico. This means that all amounts have to be restated for purposes of inflation so that they will concur with pesos of constant purchasing power as of fiscal year-end.

However, if the company presents the amounts of its financial statements in historical amounts, the auditor who signs off on the financial statements has to disclose this "departure" or failure to adhere to the guidelines of Bulletin B-10. This particular "departure" is grounds for the auditor to issue a qualified opinion on the financial statements, due to this "departure" from Bulletin B-10.

Some international companies report historical amounts to their corporate headquarters abroad and amounts restated for inflation for local purposes in Mexico.

Hope this helps.
18 years of experience translating from Spanish to English for the Mexico City accounting, auditing, tax, and financial community.



--------------------------------------------------
Note added at 55 mins (2007-03-29 04:50:09 GMT)
--------------------------------------------------

The following text can be found at the following website:
www.nysscpa.org/cpajournal/old/07085934.htm

Similar to pre-SAS 58, the inability to perform an audit in accordance with GAAS or a material departure from GAAP precludes the auditor from issuing an unqualified opinion. Depending on materiality, either a qualified option or a disclaimer of opinion is issued for a material departure from GAAP. Piece-meal opinions (as to specified line items in the financial statements) continue to be inappropriate, and, as previously noted, "subject to" qualifications are eliminated.

Scope Limitations. Scope restrictions may be imposed by the client or by circumstances, such as the timing of work on inadequacy of accounting records.

Under the new reporting format, a qualified opinion requires no change in the opening paragraph because a scope limitation does not change management/auditor responsibility. The scope paragraph contains a reference to the explanatory paragraph, which describes the reasons for the qualification and precedes the opinion paragraph. The opinion paragraph includes the appropriate qualifying language.

Because a disclaimer of opinion caused by a scope limitation means an incomplete audit was performed by the auditor, the opening paragraph contains no reference to the auditor's responsibility or to the word "audited." Also, the scope paragraph is eliminated. The explanatory paragraph (preceding the opinion paragraph) describes why GAAS was not followed. The concluding paragraph contains the usual language disclaiming an opinion.

Departures from GAAP. A material departure from GAAP does not affect management/auditor responsibility on the use of GAAS. Therefore, for reporting purposes, no change is made to either the standard opening or scope paragraphs in a qualified or adverse opinion. The reasons for the modification are described in the explanatory paragraph (preceding the opinion paragraph) and the appropriate modifying language is contained in the concluding paragraph.


--------------------------------------------------
Note added at 55 mins (2007-03-29 04:50:44 GMT)
--------------------------------------------------

GAAP - Generally Accepted Accounting Principles
GAAS - Generally Accepted Auditing Standards

--------------------------------------------------
Note added at 16 hrs (2007-03-29 20:23:09 GMT)
--------------------------------------------------

Additional reference:
2006 Accounting Trends & Techniques
Page 589
Paragraph 7.43 - "Departures From Unqualified Opinions"


    Reference: http://aicpa.org
    Reference: http://imcp.org.mx
Richard Cadena
Mexico
Local time: 03:10
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 355
Grading comment
Gracias, Richard. Ésta es la que más se ajustó a mi contexto. Igualmente, agradezco a todos sus sugerencias.

Peer comments on this answer (and responses from the answerer)
agree  Valeria Carcagno
15 hrs
Login to enter a peer comment (or grade)




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Changes made by editors
Jun 4, 2007 - Changes made by Richard Cadena:
Created KOG entryKudoZ term » KOG term


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