Attività fiscali correnti/anticipate

English translation: current/deferred tax assets

21:16 Apr 19, 2009

Italian to English translations [PRO]
Bus/Financial - Accounting

Italian term or phrase: Attività fiscali correnti/anticipate

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?

EvanM KudoZ activity Questions: 1 (none open) Answers: 0
Local time: 12:46

English translation:current/deferred tax assets

Explanation:
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

Selected response from:

DCypher (X)
Local time: 12:46

Grading comment

Thanks very much. I also found this to confirm:
http://www.odcpa.it/conv/Formazione%20Praticanti/Dr.%20Costa/IAS%20n.%2040.ppt#44
4 KudoZ points were awarded for this answer

Summary of answers provided

5 +2

current/prepaid tax assets

Peter Cox

5 +1

current/deferred tax assets

DCypher (X)

fiscal assets current/prepaid

pamico

3 -1

Current/Anticipated fiscal activity

lf04

Answers

41 mins confidence:

fiscal assets current/prepaid

Explanation:
It means how much a company has to pay in taxes, for example, in this year and prepay for the next one.

pamico
Local time: 12:46
Native speaker of:

Sardinian

49 mins confidence:

peer agreement (net): -1

Current/Anticipated fiscal activity

Explanation:
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)...

lf04
Local time: 11:46
Native speaker of:

English

5 hrs confidence:

peer agreement (net): +2

current/prepaid tax assets

Explanation:
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)

Peter Cox
Italy
Local time: 12:46
Specializes in field
Native speaker of: English
PRO pts in category: 339

Notes to answerer

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?

13 hrs confidence:

peer agreement (net): +1

current/deferred tax assets

DCypher (X)
Local time: 12:46
Specializes in field
Native speaker of:

English
PRO pts in category: 246

Grading comment

Thanks very much. I also found this to confirm:
http://www.odcpa.it/conv/Formazione%20Praticanti/Dr.%20Costa/IAS%20n.%2040.ppt#44

Notes to answerer

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?

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Attività fiscali correnti/anticipate

English translation: current/deferred tax assets

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English translation: current/deferred tax assets

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