Financial Statement Translations

Financial Statement Translation

Financial statements need to be translated for many different reasons: exporting abroad, applying for financing, or finding local investors or business partners in other countries. As with any financial document, the annual statement must be translated by qualified translators who understand not only a foreign language but also about finance.

What is a financial statement?

The annual financial statement of a company is a document produced at the end of the financial year and that outlines the company's performance. A financial statement includes:

• A letter from the Chairman of the Board to introduce the statement.

• An annual activity statement, which narrates the year's major events, potential future projects, objectives and even risks.

• The annual accounts, which include the balance sheet, profit and loss account, notes to the accounts, audit statements, etc.

The main purpose of this document is for management and shareholders to have a summarized version of the year's financial activities in order to make decisions for the coming year.

Why use Idiomatic to translate your financial statement?

Financial translation is a specialist field. Only professional translators who understand finance as well as the source and target language are qualified for this task.

As such, a financial translator must have professional experience in the financial sector to be able to correctly interpret concepts across a wide array of jurisdictions, as not all financial terms are equivalent between countries.

As an example, a good financial translator will understand international accounting standards (IFRS – International Financial Reporting Standards; GAAP – Generally Accepted Accounting Principles, etc.) concerning the reporting of financial documents so that the translation reads properly in the target country.

ISO Accounting Translation

When translating accounting documents, several difficulties are sure to arise.

Translation of account statements is extremely important, as it may be required for transactions with banks or when applying for financing from international investors.

Finally, confidentiality is another key element in this type of document. Therefore you should use a reliable and reputable translation agency such as Idiomatic USA, which has a strict code of confidentiality and quality assured by our ISO 9001:2015 standards.

If you need to translate your account and financial documents, please contact Idiomatic for a free quote here.