materialidad

English translation: materiality

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Spanish term or phrase:	materialidad
English translation:	materiality
Entered by:	Robert Forstag

17:58 Nov 24, 2013

Spanish to English translations [PRO]
Law/Patents - Law (general) / Protest against a sanction assessed by the court (Chile)

Spanish term or phrase: materialidad

The context here is a defense by a an accounting firm's lawyer against a sanction imposed upon said firm by a court in Chile. (I've left out obvious identifying details and, if you happen to know the case, please don't reveal these details or post references that would reveal these details. Thank you.)

The word "materialidad" is used in a number of instances. I understand it to mean "valuation". I would like to know if I'm write, or off base to one degree or another.

The glossary entries and previous posts of the term do not seem at all relevant in the present context.

Thank you.

Below is one paragraph in which the word appears:

En lo que respecta al primer cargo formulado en su contra – relative a la falta re revaluación de los parámetros de **materialidad** atendido que el resultado antes de impuestos (año 2009) presentaba una diferencia importante con el resultado final del estado financiero año 2010 – y sitando los párafos 1,2, 5, y 9 de la Sección 498 de las [Legal Code], indica que la **materialidad**, según la lex artis del auditor, es una cuestión de criterio profesional y por tanto dicha norma no establece parámetros específicos para determinarla, dando solo guías a considerar. Indica que sobre la base de ello…se fijó la **materialidad** utilizando como parámetro la utilidad antes de impuestos del ejercicio anterior, considerando razonable un rango del 5% al 10%, optando por el parámetro más exigente.

Robert Forstag KudoZ activity Questions: 1249 (1 open) (34 closed without grading) Answers: 5909 United States
Local time: 04:25

materiality

Explanation:
in Spain's Spanish officially called 'importancia relativa' but 'materialidad' in practice.

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Note added at 3 hrs (2013-11-24 20:59:20 GMT)
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Hi Robert,
'materialidad' (technically 'importancia relativa', in Spain's Spanish) refers 2 how important / significant a statement / finding (eg an audit finding) is relative to say fiscal year turnover.
A finding of 1M$ misstatement may not be material in a Google Inc. account; in my own SME company it would be.
HTH
:-)
:)

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Note added at 1 day18 hrs (2013-11-26 12:50:42 GMT) Post-grading
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thank you, Robert
:)

Selected response from:

MPGS
Local time: 10:25

Grading comment

Thank you, MPGS!
4 KudoZ points were awarded for this answer

Summary of answers provided

4 +2

materiality

MPGS

4 +2

materiality

MPGS

Summary of reference entries provided

materiality

Carlos Blanco, B.Sc. in Chemistry

Answers

8 mins confidence:

peer agreement (net): +2

materiality

Explanation:
typical auditor lingo
http://forum.wordreference.com/showthread.php?t=581899

MPGS
Local time: 10:25
Native speaker of:

Spanish
PRO pts in category: 64

5 mins confidence:

peer agreement (net): +2

materiality

MPGS
Local time: 10:25
Native speaker of:

Spanish
PRO pts in category: 64

Grading comment

Thank you, MPGS!

Notes to answerer

Asker: Hola MPGS, Gracias por la respuesta. ¿Puedes explicar el sentido del término en el caso concreto que he expuesto aquí arriba? Gracias.

Reference comments

2 days 9 hrs

Reference: materiality

Reference information:
relevance

http://www.collinsdictionary.com/dictionary/english/relevanc...

Reference: http://www.collinsdictionary.com/dictionary/english/material...
Reference: http://www.collinsdictionary.com/dictionary/english/material...

Carlos Blanco, B.Sc. in Chemistry
Spain
Native speaker of:

Spanish,

English
PRO pts in category: 4

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