Apr 19, 2009 21:16
15 yrs ago
10 viewers *
Italian term
Attività fiscali correnti/anticipate
Italian to English
Bus/Financial
Accounting
I am translating the financial statements of an Italian company. Tax assets/liabilities are confusing!
I have: passività fiscali (correnti/differite) = tax liabilities (current/deferred), correct?
but am confused by:
Attività fiscali (correnti/ANTICIPATE). Do I "ignore" the Italian and put: tax assets (current/DEFERRED)?
Also, later in the text they have "imposte anticipate" and "imposte differite". Could someone please clarify?
I have: passività fiscali (correnti/differite) = tax liabilities (current/deferred), correct?
but am confused by:
Attività fiscali (correnti/ANTICIPATE). Do I "ignore" the Italian and put: tax assets (current/DEFERRED)?
Also, later in the text they have "imposte anticipate" and "imposte differite". Could someone please clarify?
Proposed translations
(English)
| 5 +1 | current/deferred tax assets |
DCypher (X)
|
| 5 +2 | current/prepaid tax assets |
Peter Cox
|
| 3 | fiscal assets current/prepaid |
pamico
|
| 3 -1 | Current/Anticipated fiscal activity |
lf04
|
Proposed translations
+1
13 hrs
Selected
current/deferred tax assets
IAS 1 requires disclosures on the face of the statement of financial position about current tax assets, current tax liabilities, deferred tax assets, and deferred tax liabilities [IAS 1.54(n) and (o)]
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Note added at 13 hrs (2009-04-20 10:22:35 GMT)
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http://www.iasplus.com/standard/ias12.htm
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Note added at 13 hrs (2009-04-20 10:22:35 GMT)
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http://www.iasplus.com/standard/ias12.htm
Note from asker:
| Hi, this is also what I've been told, but I still don't understand why exactly "Deferred tax assets" translates into "Attività fiscali ANTICIPATE" in Italian. could you shed some more light? |
4 KudoZ points awarded for this answer.
Comment: "Thanks very much. I also found this to confirm:
http://www.odcpa.it/conv/Formazione%20Praticanti/Dr.%20Costa/IAS%20n.%2040.ppt#44"
-1
49 mins
Current/Anticipated fiscal activity
I'm fairly sure the difference is that anticipated refers to a prediction, and deferred refers to something continuing from the previous year (/time period)...
Peer comment(s):
| disagree |
James (Jim) Davis
: Anticipate is what you have already paid as an advance on your taxation (I will pay mine on or before 31 July) based on an estimate of what you will pay during the year. You would term it "anticipated".
7 hrs
|
+2
5 hrs
current/prepaid tax assets
fiscal only used in US English
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Note added at 10 hrs (2009-04-20 07:39:29 GMT)
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No, prepaid tax assets are literally paid in advance - "deferred tax assets" are those that will become available assets at a future date (timing difference)
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Note added at 10 hrs (2009-04-20 07:39:29 GMT)
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No, prepaid tax assets are literally paid in advance - "deferred tax assets" are those that will become available assets at a future date (timing difference)
Note from asker:
| thank you. so are prepaid tax assets essentially "deferred tax assets" (the "deferred" referring to "asset" not "tax") in that the benefit of having paid in advance has been delayed until next year? |
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