Apr 30, 2017 19:36
7 yrs ago
5 viewers *
Spanish term
United Kingdom
Native in: English (Variant: British) 
, Spanish (Variant: Standard-Spain)
Works in: Spanish to English, English to Spanish
El anterior ejercicio
Spanish to English
Bus/Financial
Business/Commerce (general)
The document is commissioned by OEPM and ANDEMA informing the reader about the impact of foreign trade in the Spanish economy.
In this context, would you agree with my translation as, 'previous fiscal year' or would this be 'financial year'? (Line 3)
Would this be a cultural equivalence?
Entire Source text:
El comercio exterior de servicios (según los datos de Balanza de Pagos del Banco de España) genera un crecimiento de las exportaciones (6,2 por ciento) superior al experimentado por las importaciones (4,8 por ciento), y deja un superávit de casi 28.000 millones de euros, un 9,6 por ciento superior al registrado en esta partida durante el anterior ejercicio debido, en buena medida, al superávit de la balanza turística.
My translation:
The growth of foreign trade of services according to the Balance of Payments data of the Bank of Spain was higher (6.2 percent) than that of imports (4.8 percent), creating a surplus of almost 28 billion euros. This was 9.6 per cent higher than that recorded in the previous fiscal year, largely due to the tourism balance surplus.
Thank you in advance.
In this context, would you agree with my translation as, 'previous fiscal year' or would this be 'financial year'? (Line 3)
Would this be a cultural equivalence?
Entire Source text:
El comercio exterior de servicios (según los datos de Balanza de Pagos del Banco de España) genera un crecimiento de las exportaciones (6,2 por ciento) superior al experimentado por las importaciones (4,8 por ciento), y deja un superávit de casi 28.000 millones de euros, un 9,6 por ciento superior al registrado en esta partida durante el anterior ejercicio debido, en buena medida, al superávit de la balanza turística.
My translation:
The growth of foreign trade of services according to the Balance of Payments data of the Bank of Spain was higher (6.2 percent) than that of imports (4.8 percent), creating a surplus of almost 28 billion euros. This was 9.6 per cent higher than that recorded in the previous fiscal year, largely due to the tourism balance surplus.
Thank you in advance.
Proposed translations
(English)
| 4 +5 | the previous fiscal year |
Michael Powers (PhD)
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| 5 +2 | the previous year |
Albion Land
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| 5 +1 | The prior fiscal year |
Richard Cadena
|
Votes to reclassify question as PRO/non-PRO:
Non-PRO (2): Rachel Fell, AllegroTrans
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Proposed translations
+5
1 min
Michael Powers (PhD)
United States
United States
Native in English
Specializes in field
United States
US Court Cert. 1980 Ph.D. 1981
Native in: English
Works in: Spanish to English, Portuguese to English, English to Spanish, and 2 more.
Related KudoZ points
:
773
Selected
the previous fiscal year
ejercicio: fiscal year
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Note added at 21 hrs (2017-05-01 16:38:32 GMT)
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"fiscal year" in the US and "financial year" in the UK
source: Tom West. Spanish-English Dictionary of Law and Business. 2nd edition, 2012
"año fiscal: fiscal year (USA) financial year (UK)
--------------------------------------------------
Note added at 21 hrs (2017-05-01 16:38:32 GMT)
--------------------------------------------------
"fiscal year" in the US and "financial year" in the UK
source: Tom West. Spanish-English Dictionary of Law and Business. 2nd edition, 2012
"año fiscal: fiscal year (USA) financial year (UK)
Note from asker:
| Hi Michael, thank you for your response. My biggest concern is due to the fact that the translation is for a British audience, therefore I am unsure if fiscal or financial is the correct translation in this specific context. |
Peer comment(s):
| agree |
Phoenix III
41 mins
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Thank you, Phoenix III - Mike :)
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| agree |
Wilsonn Perez Reyes
: sure. According to my research, "previous fiscal year" is more commonly used than "prior fiscal year"
48 mins
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Thank you, Wilsonn - Mike :)
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| agree |
MPGS
: :-)
53 mins
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Thank you, MPGS - Mike :)
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| agree |
AllegroTrans
: "financial" for UK
4 hrs
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Thank you, AllegroTrans - Mike :)
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| agree |
liz askew
: Previous Fiscal Year - Expenditures by Year | Benton County Oregon https://www.co.benton.or.us/finance/page/previous-fiscal-yea... Previous Fiscal Year - Expenditures by Year. Supporting Documents. PDF icon FY 2014-15 Schedule of Expenditu
14 hrs
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Thank you, Liz - Mike :)
|
4 KudoZ points awarded for this answer.
Comment: "Selected automatically based on peer agreement."
+2
19 mins
the previous year
Both 'fiscal' and 'financial' are fine, but neither is really necessary (unless the end of the financial year has changed from 31/12 in the bank's reporting since I last covered it).
Peer comment(s):
| neutral |
AllegroTrans
: I disagree: "financial" or "fiscal" should be used to avoid any doubt; the extra word costs nothing// @ phil: "ejercicio" invariably means fiscal/financial year; if the writer meant a calendar year they would not have used the term
4 hrs
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| agree |
philgoddard
: We don't know that it's the fiscal year they're talking about, especially since this is not about tax. It could well be the calendar year. "Ejercicio" is often best translated as "year".
8 hrs
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| agree |
Robert Carter
: Or period.
2 days 6 hrs
|
+1
1 hr
The prior fiscal year
Tom West's Dictionary has the following:
ejercicio - fiscal year (USA), financial year (UK)
Note on "prior" vs "previous"
Most accounting and financial statement predominantly use the term "prior" in terms such as the following:
prior fiscal years
prior periods
prior year adjustments
prior year amounts
prior period financial statements
prior year losses
prior year
trade receivable balances
prior year income (loss)
The above terms are taken from the following dictionary:
Diccionario de Terminología Contable y Financiera Especializada" Spanish-English & Inglés-Español by Prof. Richard J. Cadena, published by the Instituto Mexicano de Contadores Públicos, A.C.
These extracts are taken from the following publication:
Accounting Trends And Techniques/U.S. GAAP Financial Statements
Best Practices and Disclosures - 2014/15 - Sixty-Eighth Edition
Published by the American Institute of Certified Public Accountants - AICPA
Page 41
141 Paragraphs 23-24 of FASB ASC 250-10-45 require an entity to correct any error in the financial statements of a "prior" period discovered after the financial statements are issued or are available to be issued by restating the "prior-period" financial statements. Such errors are required to be reported as an error correction by restating the "prior-period" financial statements retrospectively with adjustments to the financial statements.
The use of the hyphen between "prior" and "period" is optional.
Page 45
1. Summary of Significant Accounting Policies (in part)
Paragraph three
Effective April 26, 2013, the Company changed the method of classification of certain investments previously classified as long-term investments to current. The "prior period" balances have been reclassified to conform to the current year presentation. The new method classifies these securities as current or long-term based on the nature of the securities and availability for use in current operations while the "prior" classification was based on the maturities of the investments.
Hope this helps.
28 years of experience translating from Spanish to English for Mexican member firms of big 4 and 2nd tier CPA firms 95% of the time.
--------------------------------------------------
Note added at 1 day6 hrs (2017-05-02 01:42:23 GMT)
--------------------------------------------------
Note on "prior" vs. "previous"
U.S. GAAP and IFRS use "prior" in their standard boilerplate writing style, particularly in financial statements. See the sample terms in the above comment.
ejercicio - fiscal year (USA), financial year (UK)
Note on "prior" vs "previous"
Most accounting and financial statement predominantly use the term "prior" in terms such as the following:
prior fiscal years
prior periods
prior year adjustments
prior year amounts
prior period financial statements
prior year losses
prior year
trade receivable balances
prior year income (loss)
The above terms are taken from the following dictionary:
Diccionario de Terminología Contable y Financiera Especializada" Spanish-English & Inglés-Español by Prof. Richard J. Cadena, published by the Instituto Mexicano de Contadores Públicos, A.C.
These extracts are taken from the following publication:
Accounting Trends And Techniques/U.S. GAAP Financial Statements
Best Practices and Disclosures - 2014/15 - Sixty-Eighth Edition
Published by the American Institute of Certified Public Accountants - AICPA
Page 41
141 Paragraphs 23-24 of FASB ASC 250-10-45 require an entity to correct any error in the financial statements of a "prior" period discovered after the financial statements are issued or are available to be issued by restating the "prior-period" financial statements. Such errors are required to be reported as an error correction by restating the "prior-period" financial statements retrospectively with adjustments to the financial statements.
The use of the hyphen between "prior" and "period" is optional.
Page 45
1. Summary of Significant Accounting Policies (in part)
Paragraph three
Effective April 26, 2013, the Company changed the method of classification of certain investments previously classified as long-term investments to current. The "prior period" balances have been reclassified to conform to the current year presentation. The new method classifies these securities as current or long-term based on the nature of the securities and availability for use in current operations while the "prior" classification was based on the maturities of the investments.
Hope this helps.
28 years of experience translating from Spanish to English for Mexican member firms of big 4 and 2nd tier CPA firms 95% of the time.
--------------------------------------------------
Note added at 1 day6 hrs (2017-05-02 01:42:23 GMT)
--------------------------------------------------
Note on "prior" vs. "previous"
U.S. GAAP and IFRS use "prior" in their standard boilerplate writing style, particularly in financial statements. See the sample terms in the above comment.
Reference:
Peer comment(s):
| agree |
Seth Phillips
: Definitely "prior". Frankly "previous" sounds odd in finance speak ;)
4 hrs
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Thank you, Seth. You're right. "Prior" is definitely more financial, whereas "previous" is more for general language.
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Discussion
What is the difference between financial and fiscal year?
The only difference between the two is that individuals in the U.S. commonly use the term "fiscal year" when referring to a business accounting period. According to the Internal Revenue Service, IRS, a calendar year is a period of 12 months, which begin on January 1 and end on December 31.18 Mar 2014
What is the difference between a fiscal year and a financial year ...
https://www.quora.com/What-is-the-difference-between-a-fisca...
According to Banca de España balance of payments data, service exports grew by 6.2 percent, and service imports by 4.8 percent. They generated a surplus of almost €28 billion, which was 9.6 percent up on the previous year, thanks mainly to tourism.