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Financial documents constitute the foundation upon which all companies and organizations are built. They regulate the Company’s activities vis-à-vis the various entities associated with its day to day operations, such as company employees, suppliers, banks and financial institutions, investors, shareholders and government bodies. The types of documents which require financial translation include quarterly and annual financial statements, prospectuses, stock exchange announcements, audits, public issuances, pay stubs, business plans, market surveys, feasibility evaluations, documents of banks and various financial institutions, capital business plans of both public companies and private companies, not-for-profit organizations, banks, insurance companies, investment houses, etc.
The globalization age and international collaborations have greatly increased the number of Israeli companies which are expanding their activities into foreign markets and countries. In light of the fact that these companies often choose to collaborate with foreign companies, and in any case are required to submit financial reports to the foreign countries in which they operate, there is a significant need for financial translations done by expert translators.
Would you choose a novice attorney to represent you in a commercial lawsuit worth hundreds of thousands of shekels? Would you entrust the financial management of your firm to an accounting intern? Professional financial translation can mean the difference between a profitable, successful contract and a resounding failure!
Financial translation is a highly complex and varied field of specialization, which requires expertise in the proper format of various documents and reports, an understanding of the policies pertaining to such documents, and most of all – an in-depth understanding of the financial terms in both the source and the target language, since each language has its own entire lexicon full of terms which are unique to that particular language / country.
The financial translator is also required to translate very important and sensitive documents, which often serves as a “mirror” for the financial and business operations of the reporting entity. Financial documents in each country are managed in accordance with the financial regulation practiced in that country, and according to the conventional rules regarding accounting and financial reporting in that country. Entities which are subject to the Securities Law are also required to manage their financial documents in accordance with international accounting standards (IFRS, IAS, etc.), requiring precise use of the specific terms required under those standards. These standards may differ greatly from one country to another, and sometimes even in the same country, between different periods. The transition from one financial reporting method to another may sometimes have a significant effect on the results of the company or organization, as reflected in its financial statements. Thus, for example, the decision which was reached in Israel to adopt International Financial Reporting Standards (IFRS) beginning on January 1, 2008, as compared with reporting in accordance with generally accepted accounting principles in Israeli (Israeli GAAP), as required before that date, affected the financial statements of real estate companies, which presented handsome profits in the years 2006-2007, but presented significant losses in 2008 and 2009. When these results are presented to companies which wish to invest in a real estate company, or to enter into a collaboration with it, it is necessary to clarify the reasons for that fluctuation. For this reason, the financial translator must be experienced and have a background in contracts, policies and accounting standards, in order to ensure the correct selection of professional terms, while referencing details and ensuring a precise selection of the terms practiced in each field.
An additional factor contributing to the tremendous importance of precise, professional financial translation involves the legal implications which could ensue in case of an incorrect translation. Fundraising from investors in foreign countries while delivering financial information which is partially erroneous and misleading constitutes a severe legal offense, and in many cases involves legal phrasing, where even the slightest inaccuracy in the translation can modify the meaning, meaning that the translator must be many times more cautious. For example, in the Hebrew phrase:
“המאזן ביום 1 באפריל 2012 הוא…”
which should be translated as:
“The balance on April 1, 2012, is…”,
a change of merely one word, such as “the balance until April 1, 2012, is…” could constitute cause of action for a lawsuit, since the sentence means that the balance is also correct on March 31, 2012. If the balance includes a transaction which was performed on April 1, 2012, this signifies a breach of the Securities Law.
At Globus Translations, we understand the importance of these documents, and therefore ensure that financial translations are performed only by experts in the field. Many of our financial translators have practical experience in the industry, whether in accounting, the capital market or assessment, and are hired by us after having passed a strict selection process to ensure their expertise in the subject matter, their command of both the source and target languages, and their ability to provide reliable, professional translations.
We would be happy to show you our work methods. Contact our sales team so we can learn about your needs.