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Kontokorrent XXXX (nahestehend)

English translation: current account XXX (related party)

16:25 Aug 31, 2014
German to English translations [PRO]
Bus/Financial - Accounting / Financial statements
German term or phrase: Kontokorrent XXXX (nahestehend)
This stands on its own on the Liabilities page, under short-term loan capital. Just don't know what to make of the nahestehend.
Oh and its a Swiss document. Grateful for any suggestions!
Wendy Streitparth
Germany
Local time: 09:42
English translation:current account XXX (related party)
Explanation:
nahestehend hier: =nahestehende Personen/Unternehmen

Als nahestehende Personen gelten:
• Inhaber von juristischen Personen (Aktionäre, Gesellschafter einer GmbH) und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Teilhaber von Personengesellschaften (Kollektivgesellschafter, Komplementäre und Kommanditäre, Gesellschafter einer einfachen Gesellschaft) und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Genossenschafter, die für ihre Mitgliedschaft keine entsprechenden Genossenschaftsbeiträge entrichten müssen, und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Das Personal (aktive, ehemalige und pensionierte Mitarbeiter).
http://mwst-institut.ch/node/6193

Überarbeiteter Standard zum Thema nahe stehende Person oder nahe stehendes Unternehmen

http://www.accountingundcontrolling.ch/accounting/ias-24-–-u...

nahestehend=related party
http://www2.eycom.ch/publications/items/ifrs/news/20040401-1...
http://www.proz.com/kudoz/english_to_german/finance_general/...
Selected response from:

Johanna Timm, PhD
Canada
Local time: 00:42
Grading comment
Diese Antwort paßte am besten in meinem Text - danke vielmals!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2current account XXX (related party)
Johanna Timm, PhD
4related party XXX's current account with reporting entity
Sebastian Witte


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
current account XXX (related party)


Explanation:
nahestehend hier: =nahestehende Personen/Unternehmen

Als nahestehende Personen gelten:
• Inhaber von juristischen Personen (Aktionäre, Gesellschafter einer GmbH) und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Teilhaber von Personengesellschaften (Kollektivgesellschafter, Komplementäre und Kommanditäre, Gesellschafter einer einfachen Gesellschaft) und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Genossenschafter, die für ihre Mitgliedschaft keine entsprechenden Genossenschaftsbeiträge entrichten müssen, und ihre nicht im Betrieb mitarbeitenden Familienangehörigen (Ehefrau/-mann, Kinder, Eltern);
• Das Personal (aktive, ehemalige und pensionierte Mitarbeiter).
http://mwst-institut.ch/node/6193

Überarbeiteter Standard zum Thema nahe stehende Person oder nahe stehendes Unternehmen

http://www.accountingundcontrolling.ch/accounting/ias-24-–-u...

nahestehend=related party
http://www2.eycom.ch/publications/items/ifrs/news/20040401-1...
http://www.proz.com/kudoz/english_to_german/finance_general/...


Johanna Timm, PhD
Canada
Local time: 00:42
Native speaker of: Native in GermanGerman
PRO pts in category: 71
Grading comment
Diese Antwort paßte am besten in meinem Text - danke vielmals!
Notes to answerer
Asker: Many thanks, Johanna. As always an extensively researched answer!


Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter
9 mins
agree  Tatjana Dujmic
12 hrs
Login to enter a peer comment (or grade)

2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
related party XXX's current account with reporting entity


Explanation:
Wiki article on Kontokorrent, section on "Lieferanten":

I think this should be it, a related party, as correctly defined by Johanna, that has as a supplier or something a current account with the company preparing the financial statements (preparer/reporting entity).

From the reporting entity's perspective the credit period obtained from the supplier from receipt of the supplier's goods up to payment/debiting of the amount from the current account kept with the supplier is considered short-term borrowings (which you, Wendy mention in the first sentence of the question) and thus classified under liabilities (debt = money owed to third parties).

If the source is financial in nature (sometimes checking accounts play a part for providing the basis for investment as the funds played around with need to come from somewhere with the quickness once an investment opportunity arises) or banking-related (where XXX would be a bank that provides the preparer/reporting entity with a current account (called a checking account in the U.S.)), that doesn't void the translation provided as it then still fits. This scenario would only void the explanation. Please note: I find the investment scenario rather unlikely, but the banking one is conceivable.

The IMO most likely interpretation is the one posted as an answer.



--------------------------------------------------
Note added at 2 hrs (2014-08-31 18:54:34 GMT)
--------------------------------------------------

A short-term loan granted by a shareholder (or maybe a partner if a prosperous Partnership as financial statements are usually not prepared by small, less successful businesses) to the reporting entity is also conceivable.

--------------------------------------------------
Note added at 2 hrs (2014-08-31 18:56:10 GMT)
--------------------------------------------------

"Wiki article on Kontokorrent, section on "Lieferanten" should obviously go at the end of the explanation.

--------------------------------------------------
Note added at 2 hrs (2014-08-31 19:00:54 GMT)
--------------------------------------------------

A short-term loan granted by a shareholder to the reporting entity is the most likely interpretation - I think, as this last aspect, i.e. what the actual underlying scenario is, I'm not sure about.

Example sentence(s):
  • Ein Kontokorrent ist auch zwischen gegenseitigen Lieferanten oder Dienstleistern üblich, bei denen dauerhafte Geschäftsbeziehungen bestehen, die zu einer Vielzahl von beiderseitigen Ansprüchen führen.
  • Diese Ansprüche müssen dann nicht jeweils bei Fälligkeit einzeln beglichen werden, sondern können in ein Kontokorrent eingestellt werden.

    Reference: http://de.wikipedia.org/wiki/Kontokorrent
Sebastian Witte
Germany
Local time: 09:42
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 74
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