Glossary entry (derived from question below)
Italian term or phrase:
sopravvenienze passive straordinarie
English translation:
extraordinary non-recurring or prior year expenses
Italian term
Italy
sopravvenienze passive straordinarie
*Contingent liabilities*
(Liabilities that may be incurred by an entity depending on the outcome of a future event such as a court case. These liabilities are recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome).
or
*extraordinary losses*
(A loss that occurs because of an unforeseen and generally unforeseeable event that affects the company. For example, a company may suffer a loss if it sells one of its factories for less than its market value.)
There's a slight difference here in meaning. Many of the entries have no context. Mine is the last entry in the half-year Financial Statements under "Costs".
Any clarification? Thanks.
| 3 +1 | non recurring losses from unusual events or related to prior years |
CristianaC
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Mar 27, 2013 12:11: Kate Chaffer changed "Level" from "Non-PRO" to "PRO"
PRO (3): luskie, Chiara Righele, Kate Chaffer
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Proposed translations
United Kingdom
Finance-legal specialist- Ivy League MBA
Native in: Italian 
, English
Works in: English to Italian, Italian to English, French to Italian, and 2 more.
non recurring losses from unusual events or related to prior years
1. different treatment between Italian Gaap and ias/ifrs and US gaap
2. in Italy different definition between accounting principles and tax (tuir)
My answer refers to Italian gaap
the reason why it is defined as "sopravvenienze strarodinarie" is that according to Italian accounting principles there are also sopravvenienze that are recognized as "oneri diversi di gestione", and which refer to a change in estimate other than an error
under item E of the income statement there are the "extraordinary items" or "non-recurring items",
which include (see reference)
-capital gains and losses and restructuring costs
-sopravvenienze for natural events or events outside the ordinary course of business
-income/costs related to prior years
-changes in accounting principles adopted by the company
-taxes related to prior years
as the first item "capital gains/losses" is always disclosed separately, (and also the restructuring costs), the item sopravvenienze usually includes the rest
http://www2.sa.unibo.it/~sabrina.gigli/BilanciCLEA/Materiale...
| agree |
James (Jim) Davis
: To tidy it a bit: "extraordinary non-recurring or prior year expenses" IAS forbids the "extraordinary" concept with blanket use of non-recurring.
6 hrs
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hi Jim, ok I agree. If you propose your answer I will agree : maybe it is better for glossary purposes for future reference
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