Related terminology from IFRS and English-based GAAPs Thread poster: Sergiy Cherednichenko
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As we all well know, the terms denoting the same items or concepts are often different in IFRS and various GAAPs. Turnover (UK GAAP) - Sales (U.S. GAAP) - Revenue (IFRS) or Book Debt (UK GAAP) - Accounts Receivable (U.S. GAAP) - Receivables (IFRS) can serve as an example.
My question is if someone has ever met a summary, preferably in a table format, outlining related terms from English-based GAAPs and the IFRS. Or we should draw it by ourselves? ... See more As we all well know, the terms denoting the same items or concepts are often different in IFRS and various GAAPs. Turnover (UK GAAP) - Sales (U.S. GAAP) - Revenue (IFRS) or Book Debt (UK GAAP) - Accounts Receivable (U.S. GAAP) - Receivables (IFRS) can serve as an example.
My question is if someone has ever met a summary, preferably in a table format, outlining related terms from English-based GAAPs and the IFRS. Or we should draw it by ourselves?
Many thanks for any assistance in advance! ▲ Collapse
| | | | The Misha
Local time: 18:33
Russian to English
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| You'd be better off asking in an accounting forum somewhere | Sep 3, 2013 |
Personally, I have never seen any such comparison tables, nor ever felt I needed anything of the kind since my own experience is primarily with US GAAP. To be sure, such a table could be easily compiled but as a translator I fail to see the practical relevance of this exercise. If you are translating into your native language, then you probably want to stick with accounting terminology in use in your country, whether it is a flavor of GAAP, IFRS or something internal, like the legacy hodgepodge ... See more Personally, I have never seen any such comparison tables, nor ever felt I needed anything of the kind since my own experience is primarily with US GAAP. To be sure, such a table could be easily compiled but as a translator I fail to see the practical relevance of this exercise. If you are translating into your native language, then you probably want to stick with accounting terminology in use in your country, whether it is a flavor of GAAP, IFRS or something internal, like the legacy hodgepodge they still use in Russia. If you are translating into English, then you probably use whatever is in use in that specific English-speaking country you target. In any case, the differences between GAAPs are relatively minor, and smaller still where terminology is concerned. Moreover, if you know your double-entry accounting, you will easily understand the meaning behind specific terms used for the same concept and be able to relate them to each other. Speaking figuratively, think AK vs AKM rather than AK vs M-4. Overall, IMHO, this is very much an issue for international accounting experts rather than for us, plain vanilla financial translators, at least in the pairs you and I seem to be working in. ▲ Collapse
| | | | | Having a summary won't hurt | Sep 3, 2013 |
...translating into English, then you probably use whatever is in use in that specific English-speaking country you target...
This is one of the reasons for my question. I have to be sure that a term from the variety proposed by Multitran does exist and isn't a product of a Russian calque master.
Also it would be easier to memorize and keep your terminology base updated as accounting standards change.
| | | | Germaine 
Canada
Local time: 18:33
English to French
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| Not an easy job! | Feb 2, 2014 |
This is indeed a problem, as "accounting" is a language in itself. I can only speak of Canadian GAAP (and pardon me in advance if I'm wrong), but it seems to me that both terminologies have been "integrated" so that a term denotes the same item or concept throughout the Accounting Manual (which includes all of the standards, IFRS included). I remember that when this all started, a "table of concordance" was published so that we can get used to the new terminology (and there was more changes in F... See more This is indeed a problem, as "accounting" is a language in itself. I can only speak of Canadian GAAP (and pardon me in advance if I'm wrong), but it seems to me that both terminologies have been "integrated" so that a term denotes the same item or concept throughout the Accounting Manual (which includes all of the standards, IFRS included). I remember that when this all started, a "table of concordance" was published so that we can get used to the new terminology (and there was more changes in French than in English!). I also noted that many of the IFRS/IAS (namely IAS 1 2007) had/have a section for terminology changes and definitions.
It would help if you were able to have access to the (on-line) accounting manuel of a UK or US (Chartered) Professional Accountant (since the standards evolve year after year, I search the ICCA Manual with each translation). If you can't, the only solution I can think of would be to extract the terminology you need from the financials published by (big) public companies of your country of interest, on their own website (Investors tab) or on the country regulatory site: SEDAR in Canada, EDGAR in the US and Companies House (I think) in UK. ▲ Collapse
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