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tempo economico

English translation: time when the work was done/ benefit was consumed

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:tempo economico
English translation:time when the work was done/ benefit was consumed
Entered by: Marco Solinas
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14:59 Dec 16, 2016
Italian to English translations [PRO]
Bus/Financial - Accounting / Accruals and deferrals
Italian term or phrase: tempo economico
From the notes to a financial statement:

"I risconti relativi a ............... sono stati calcolati secondo il criterio del *“tempo economico”* dal momento che le prestazioni contrattuali ricevute non hanno un contenuto economico costante nel tempo e quindi la ripartizione del costo (e dunque l’attribuzione all’esercizio in corso della quota parte di competenza) è effettuata in rapporto alle condizioni di svolgimento della gestione come precisato nel principio contabile OIC 18."

All suggestions are welcome.
Marco Solinas
Local time: 10:57
time when the work was done/ benefit was consumed
Explanation:
The Italian accounting standards go into more detail than UK or US accounting standards. It makes distinction between for example:
"un contratto di locazione di un immobile che viene utilizzato solo
per una parte dell’anno (come nell’ipotesi di un’attività alberghiera stagionale) ma il pagamento del canone copre un periodo annuale a cavallo di due esercizi." This would be according to the tempo economic temporale with no prepayment recognised because the benefit would be consumed in the summer. But an apartment lived in permanently with consumption constant over the whole year would be accounted for on a "tempo fisico" basis with a prepayment recognised.

If of course I haven't got my wires crossed somewhere here.

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Note added at 16 hrs (2016-12-17 07:56:28 GMT)
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http://www.fondazioneoic.eu/wp-content/uploads/downloads/201...
Selected response from:

James (Jim) Davis
Seychelles
Local time: 21:57
Grading comment
Thank you Jim
4 KudoZ points were awarded for this answer



Summary of answers provided
4time when the work was done/ benefit was consumed
James (Jim) Davis


Discussion entries: 4





  

Answers


16 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
time when the work was done/ benefit was consumed


Explanation:
The Italian accounting standards go into more detail than UK or US accounting standards. It makes distinction between for example:
"un contratto di locazione di un immobile che viene utilizzato solo
per una parte dell’anno (come nell’ipotesi di un’attività alberghiera stagionale) ma il pagamento del canone copre un periodo annuale a cavallo di due esercizi." This would be according to the tempo economic temporale with no prepayment recognised because the benefit would be consumed in the summer. But an apartment lived in permanently with consumption constant over the whole year would be accounted for on a "tempo fisico" basis with a prepayment recognised.

If of course I haven't got my wires crossed somewhere here.

--------------------------------------------------
Note added at 16 hrs (2016-12-17 07:56:28 GMT)
--------------------------------------------------


http://www.fondazioneoic.eu/wp-content/uploads/downloads/201...

James (Jim) Davis
Seychelles
Local time: 21:57
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 1431
Grading comment
Thank you Jim
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