Specialists
Financial reporting always needs to be translated by specialist financial translators. Financial terminology is tricky and has its own approach in each country (and in each language). The terms used in different countries can vary greatly, so translators really need to be up to speed on the world of finance. And that’s not all. They also need to be highly capable linguists who can write well.
Financial terminology
Financial statements largely consist of financial terms, so the translation team simply has to get to grips with IFRS and other official accounting standards. English IFRS terms cannot be translated word for word. The IFRS list is rather a description of terms that translators can consult during translation. Many terms in one language have no exact equivalent in the other language. A well-known example of such a tricky term that doesn’t have one clear-cut translation is the Dutch term “resultaat”. All too often, this is incorrectly translated as the English “result”, whereas “profit and loss” is a much better translation. What’s more, it often depends on the context whether “profit” or “loss” should be used. Another example is the English word “revenue”, which doesn’t have a clear-cut Dutch translation. There are lots of different Dutch terms that have roughly the same meaning as “revenue” and the ultimate translation depends entirely on the context. So it’s crucial for financial reports to be translated by specialist translators who are highly experienced with financial texts and are also capable of making the right choices during translation based on their financial insight.
Schedule is crucial
The first schedule meetings usually take place as early as October, especially for financial statements and annual reports of listed companies that are required by law to file their financial reports at a certain time on a certain day. With deadlines like this, you need a flexible partner who can help you make sure your schedule is feasible.
Getting started with translation before the entire report is ready
To be sure to meet the deadline, translation often starts before the entire report is ready and before the Supervisory Board and Executive Board have looked at it. That saves a great deal of time, especially when the Dutch and English versions need to be ready at the same time. Our translation tools let us make changes fast and efficiently. HHCE is used to acting fast and we agree with our customers how and when to do that.
Two translators for the annual report and financial statements
The annual report and financial statements are often seen as one single product, but for the purposes of translation, they should actually be seen as two different texts. While the financial statements are of course part of the annual report, they mainly contain information about the financial results, so it’s sometimes a good idea to use two different translators. The financial translator through and through works on the financial statements, while the communications translator with extensive financial experience works on the annual report. This can be a good approach, especially if the annual report is more forward-looking and doesn’t look back at what happened in the past year quite so much. The entire report is then reviewed by a highly experienced editor who ensures that the financial terms have been used consistently in both texts. This is also done in consultation with the customer.
If you’d like to know more about how we work and what we do, or you just have a specific question about a financial term or the way we translate, don’t hesitate to get in touch with us. We’d be happy to answer your questions and our project managers will do everything they can to help you.
