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Balance sheet represents one of the main financial statements allowing to estimate sources, structure and purpose of the company’s funds. Balance sheet translation has to be carried out according to financial, economic and legal norms and standards of the translation.
Consolidated balance sheet consists of many financial items. In general, it is divided into assets (including current and non-current assets, VAT receivable, investments, etc.), liabilities (including short-term and long-term debt, etc.) and equity.
The Cases when Accounting Documents Translation is required
Depending on the standards adopted in the country of the translation, it is necessary at assessment of investment activities, at entry of the company into the international market and at the transfer of the reporting in the international format both for private and state companies in the fields of construction, transport, power, insurance, etc.
Before the translation, it is necessary to coordinate with the customer the necessity of the notarial translation, the apostille translation and other requirements for further assurance of documentation.
Features of Balance Sheet and Annual Reports Translation
Requirements to the accounting reports translation are based on the following features:
- Observance of legally, economically and financially competent terminology, abbreviations, set expressions.
- Adaptation in case literal translation incorrectly reflects reality.
- Lack of typos, mistakes, ambiguities of interpretation.
- Observance of the form and structure of the original, including at the translation of tables, numerical data.
At the translation, it is necessary to be guided by the requirements of the international and state legislation of the target countries.
Types of Accounting Reports Translation
The main widespread types of accounting reports translation are balance sheet translation, profit and loss statement translation, cash flow statement translation and audit reports translation.
In the international practice, annual reports are disclosed by the companies for the assessment of their financial state, solvency and efficiency of commercial activity. In some countries the contents of the annual reporting are legislatively established; at translating it is necessary to be guided by the state accounting standards.
Requirements to the Translator
Accounting translation has to be executed only by certified specialists, taking into account economic, legal, financial and other accompanying standards. The translation has to be guided by standards for professional translators ISO 17100, ISO 9001-2015 and European standard EN 15038.
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