GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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03:54 Mar 29, 2007 |
Spanish to English translations [PRO] Bus/Financial - Finance (general) | |||||
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| Selected response from: Richard Cadena Mexico Local time: 02:50 | ||||
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provisions Explanation: I would say ... |
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clauses Explanation: or sections Just another option |
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"..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".- |
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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 |
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