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Hardclose

English translation: hard close

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Hardclose
English translation:hard close
Entered by: Steffen Walter
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15:55 Dec 14, 2001
German to English translations [PRO]
Bus/Financial - Accounting
German term or phrase: Hardclose
I don' t need a translation of this, obviously, but I was wondering if anyone with accounting experience has ever come across this term. The context is as follows:
Management letter aufgrund der bei der Firma XX durchgeführten Prüfung des Hardclose.

I am completely baffled.
Clare Coupland
Hard close
Explanation:
With all accruals, provisions, contingencies etc properly worked out and sorted to a high degree of materiality e.g. for external fiscal authorities / legal reporting.

Soft close is a drawing up of a balance sheet without such attention to detail.

Best practice actually suggests that the difference between the two may not be marked, but employing soft close/ hard close over a month can significantly reduce external reporting deadlines.

Selected response from:

patpending
Local time: 03:31
Grading comment
Thanks!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5Hard closepatpending
4 -1hard close
Maya Jurt


  

Answers


51 mins   confidence: Answerer confidence 5/5
Hard close


Explanation:
With all accruals, provisions, contingencies etc properly worked out and sorted to a high degree of materiality e.g. for external fiscal authorities / legal reporting.

Soft close is a drawing up of a balance sheet without such attention to detail.

Best practice actually suggests that the difference between the two may not be marked, but employing soft close/ hard close over a month can significantly reduce external reporting deadlines.




    Own experience
patpending
Local time: 03:31
PRO pts in category: 4
Grading comment
Thanks!
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
hard close


Explanation:
A hard close is performed each time a detailed cut-off is performed and financial reports are produced. This would include analysis of accounts receivable, inventory, payables, revenue and expenses. The hard close also involves the formal process of making necessary accruals and adjustments, closing the books, combining and consolidating entries required for reporting purposes. In addition to the end of year financial statements, many organisations perform a hard close at other times during the year for both internal and external reporting. A hard close is distinguished from a soft close where the books are closed with just enough precision to satisfy internal management reporting requirements

Maya Jurt
Switzerland
Local time: 04:31
Native speaker of: Native in GermanGerman, Native in FrenchFrench
PRO pts in category: 6

Peer comments on this answer (and responses from the answerer)
disagree  Werner George Patels, M.A., C.Tran.(ATIO): Useless answer
4 days
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Changes made by editors
Apr 16, 2007 - Changes made by Steffen Walter:
Field (specific)(none) » Accounting


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