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activo histórico

English translation: assets at historical value

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:activo histórico
English translation:assets at historical value
Entered by: Richard Cadena

05:29 Jun 17, 2008
Spanish to English translations [PRO]
Bus/Financial - Accounting
Spanish term or phrase: activo histórico
An auditor's report on a Mexican business is dealing with "activos no circulantes" and has a category for "activo histórico" and "actualización del activo". Both categories list: Muebles y equipo
Equipo de transporte
Equipo de cómputo
Mejoras a propiedades arrendadas
Daniel Burns (X)
Local time: 13:33
assets at historical value
Explanation:
All of this revolves around Mexico's Bulletin B-10 "Los efectos de la inflación en la información financiera y sus cinco adecuaciones - The impact of inflation on the financial information and its five amendments". Up to December 31, 2007, the accounting for financial statements was required to be performed on an inflationary economy basis. Everything was restated for inflation. Accounting kept on a historical value basis was subject to a qualification in the auditor's opinion. Quite often, companies issued two sets of financial statements: a) one set was done on an inflationary accounting basis for local purposes; and b) the other set was done an a historical value basis for purposes outside of Mexico.

Below is a translation that I just turned in yesterday involving this very same issue:

Original text in Spanish:

1. Como se menciona en la Nota 2 inciso “a” anexa, los estados financieros anexos no reconocen los efectos de la inflación en la información financiera tal y como lo requieren las normas de información financiera generalmente aceptadas en su Boletín B-10 emitido por el Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera, A. C. y el Instituto Mexicano de Contadores Públicos, A. C. por lo que los estados financieros anexos están preparados sobre la base de valor histórico original.

Translation into English:

1. As discussed in attached Note 2 paragraph “a”, the accompanying financial statements do not recognize the impact of inflation on the financial information, as required by Generally Accepted Financial Reporting Standards in Bulletin B-10, issued by the and the Consejo Mexicano para la Investigacion y Desarrollo de Normas de Informacion Financiera, A. C. and the Instituto Mexicano de Contadores Publicos, A. C. Consequently, the accompanying financial statements are prepared on an original historical value basis.

Hope this helps.

19 years of translating from Spanish into English for Mexico City based member firms of big 4 and second tier international public accounting firms and financial entities in general.



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Note added at 13 hrs (2008-06-17 18:37:08 GMT)
--------------------------------------------------

"Activos no circulantes - noncurrent assets" also have to be restated for inflation when the inflationary accounting is used, such as in the case of Mexico's Bulletin B-10. If such noncurrent assets are not restated, they are presented on a historical value basis.

References:
Accounting Trends & Techniques / AICPA: 1996-2007 editions
Documento integrado del Boletín B-10 (con casos prácticos)
IMCP - Instituto Mexicano de Contadores Públicos, A. C.
Selected response from:

Richard Cadena
Mexico
Local time: 12:33
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2historical assets
Nicolás Brignone
5assets at historical value
Richard Cadena


Discussion entries: 1





  

Answers


44 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
historical assets


Explanation:
Hi, I looked it up because I never heard something like it. These two links are the only references I found. They both have the same text: "Que permita consultar el movimiento mensual y acumulado por activo, histórico".
http://www.cam.gov.co/archivos/332_cam_LIC-CAM-003-2007_prep...
http://www.cam.gov.co/archivos/289_cam_CD-CAM-_prepliego.pdf

This link shows a table where the assets are in to columns and one is Histórico and the other Ajustados.
http://www.bcrp.gob.pe/bcr/dmdocuments/Contabilidad/Archivos...

A search for "activo"+"histórico"+"pasivo"+"balance" yields no results for "Activo Histórico". I suggest translating it as "Historical Assets" plain literal because I don't see a loss of context or a cause for confusion there. Good luck!





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Note added at 45 mins (2008-06-17 06:15:07 GMT)
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I mean two columns, sorry.

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Note added at 1 hr (2008-06-17 06:35:07 GMT)
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Yes, Activos Históricos y Activos Ajustados o Actualizados. So according to this information I would suggest: "Assets, Historical Value" and "Assets, Adjusted Value". I hope this is useful. Do I have to change my answer or something? I don't really mind about the KudoZ but it is another definition altogether.

Nicolás Brignone
Argentina
Local time: 15:33
Specializes in field
Native speaker of: Native in SpanishSpanish, Native in EnglishEnglish
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
agree  MikeGarcia
3 hrs
agree  Nitza Ramos
5 hrs
Login to enter a peer comment (or grade)

12 hrs   confidence: Answerer confidence 5/5
assets at historical value


Explanation:
All of this revolves around Mexico's Bulletin B-10 "Los efectos de la inflación en la información financiera y sus cinco adecuaciones - The impact of inflation on the financial information and its five amendments". Up to December 31, 2007, the accounting for financial statements was required to be performed on an inflationary economy basis. Everything was restated for inflation. Accounting kept on a historical value basis was subject to a qualification in the auditor's opinion. Quite often, companies issued two sets of financial statements: a) one set was done on an inflationary accounting basis for local purposes; and b) the other set was done an a historical value basis for purposes outside of Mexico.

Below is a translation that I just turned in yesterday involving this very same issue:

Original text in Spanish:

1. Como se menciona en la Nota 2 inciso “a” anexa, los estados financieros anexos no reconocen los efectos de la inflación en la información financiera tal y como lo requieren las normas de información financiera generalmente aceptadas en su Boletín B-10 emitido por el Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera, A. C. y el Instituto Mexicano de Contadores Públicos, A. C. por lo que los estados financieros anexos están preparados sobre la base de valor histórico original.

Translation into English:

1. As discussed in attached Note 2 paragraph “a”, the accompanying financial statements do not recognize the impact of inflation on the financial information, as required by Generally Accepted Financial Reporting Standards in Bulletin B-10, issued by the and the Consejo Mexicano para la Investigacion y Desarrollo de Normas de Informacion Financiera, A. C. and the Instituto Mexicano de Contadores Publicos, A. C. Consequently, the accompanying financial statements are prepared on an original historical value basis.

Hope this helps.

19 years of translating from Spanish into English for Mexico City based member firms of big 4 and second tier international public accounting firms and financial entities in general.



--------------------------------------------------
Note added at 13 hrs (2008-06-17 18:37:08 GMT)
--------------------------------------------------

"Activos no circulantes - noncurrent assets" also have to be restated for inflation when the inflationary accounting is used, such as in the case of Mexico's Bulletin B-10. If such noncurrent assets are not restated, they are presented on a historical value basis.

References:
Accounting Trends & Techniques / AICPA: 1996-2007 editions
Documento integrado del Boletín B-10 (con casos prácticos)
IMCP - Instituto Mexicano de Contadores Públicos, A. C.

Example sentence(s):
  • Como se menciona en la Nota 2 inciso “a” anexa, los estados financieros anexos no reconocen los efectos de la inflación en la información financiera tal y como lo requieren las normas de información financiera generalmente aceptadas en su Boletín
  • As discussed in attached Note 2 paragraph “a”, the accompanying financial statements do not recognize the impact of inflation on the financial information, as required by Generally Accepted Financial Reporting Standards in Bulletin B-10, issued by the

    Reference: http://aicpa.org
    Reference: http://imcp.org.mx
Richard Cadena
Mexico
Local time: 12:33
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 726
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