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01:26 Jul 13, 2018 |
Spanish to English translations [PRO] Bus/Financial - Accounting / Financial audit report | |||||||
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| Selected response from: Richard Cadena Mexico Local time: 04:12 | ||||||
Grading comment
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Summary of answers provided | ||||
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5 | recorded on the basis of accounting |
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4 | recorded pursuant to the accounting basis described in Note 6. |
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Discussion entries: 3 | |
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recorded pursuant to the accounting basis described in Note 6. Explanation: https://www.accountingtools.com/articles/what-is-the-basis-o... |
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recorded on the basis of accounting Explanation: Suggested translation recorded on the basis of accounting described in Note X. base contable - basis of accounting Barron's Dictionary of Accounting Terms has the following definition Basis of accounting - Method of recognizing revenues and expenses. Under the "accrual basis" of accounting, revenues are recognized as goods are sold and services are rendered, regardless of the time when the cash is received. Expenses are recognized in the period when the related revenue is recognized and the difference is the net income figure for a particular period. Under the "cash basis" of accounting, revenues are recognized only when money is paid. Cash basis financial statements, however, distort financial position and operating results of an organization. Note the terms "accrual BASIS" and "cash BASIS" throughout this definition. The terms "base - bases" are not used at all in this particular accounting context. Dictionary reference Diccionario de Terminología Contable y Financiera Especializada / Spanish-English & Inglés-Español" by the Instituto Mexicano de Contadores Públicos, A.C. in January 2013. Author: Prof. Richard J. Cadena Hope this helps. Over 29 years of translating almost exclusively for big 4 and 2nd tier international CPA firms & author of the above dictionary -------------------------------------------------- Note added at 10 hrs (2018-07-13 12:07:10 GMT) -------------------------------------------------- Suggested translation In our opinion, the statement of cash received and disbursements made in the execution of Project "ABC" presents fairly, in all material respects, the revenues received from (name of granting institution) and disbursements made, as well as the financial performance and investments during the period [time], in conformity with the grant agreement entered into by both organizations, based on international financial recording standards (IFRS), recorded on the basis of accounting described in Note X. Vocabulary en todos los aspectos importantes/relevantes-in all material respects Normas Internacionales de Información financiera (NIIF) International Financial Reporting Standards (IFRS) All of these terms are standard "boilerplate" terms used in financial statements under both US GAAP and IFRS. Reference "Accounting Trends and Techniques" published annually by the American Institute of Certified Public Accountants (AICPA). It is now in its seventy-first edition. I personally have all the editions published since the 1996 edition. These annual publications by the AICPA are a US English monolingual goldmine for translators who translate financial statements and related documents into US English. Reference: http://aicpa.org Reference: http://imcp.org |
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