Translation of financial statements and balance sheets for foreign auditors

International Financial Reporting Standards (IFRS)

Translation of balance sheets, income statements, cash flow statements and accompanying notes requires extreme precision and knowledge of international accounting standards. Each economic item must be translated by a term officially adopted in the IFRS thesaurus, so that the reports are completely clear to foreign auditors, banks and investors.

An imprecise translation of a financial term can create doubt among auditors or tax authorities, which can delay important investment decisions.

All economic categories must follow the strict standards of IFRS and IAS to ensure financial comparability of companies on a global level.

Why are accuracy and format crucial?

In finance, even the slightest mistake in an account number or name can create legal and tax complications. Our agency assigns these projects exclusively to translators with an economic education who go through a strict double check before delivery.

Formatting tables is also critical. Financial statements contain hundreds of columns and figures that must remain in an identical visual layout as in the source document. Alpha translation uses CAT software that guarantees that the structure of the tables does not change during the translation.

Professional checking of all columns and figures by another translator guarantees absolute correctness before delivery of the financial package to foreign partners.

Specifics of translating the audit report

While the balance sheets themselves are standardized, the notes to the financial statements contain detailed textual explanations of business decisions, litigation and risk assessments. The translator must possess a broad economic and legal education in order to accurately interpret and translate these professional descriptions without changing the essence.

Notes often contain descriptions of transactions with related parties and analyzes of tax obligations, where every word is legally binding.

Process control and safety standards

In the professional sphere of translation, quality is not left to chance. Every translated document in our agency goes through strictly defined stages of control. The first step is the selection of a translator who has proven experience in the professional sphere (eg a lawyer for contracts, a mechanical engineer for manuals). After the completion of the first stage of translation, the document is forwarded to an independent proofreader who checks and removes stylistic deviations. The final step is proofreading and checking the accuracy of numbers, dates and formats before delivery.

The security of your sensitive corporate or personal data is guaranteed. All our translators sign strict Non-Disclosure Agreements (NDAs), and documents are transmitted exclusively through encrypted channels and stored on secure servers in accordance with GDPR regulations.

Checklist for clients

• Determine whether the certification of a court interpreter is necessary for the needs of foreign authorities.
• Find out if the original document needs an Apostille stamp before sending it zaprevod.
• Prepare an internal glossary with specific corporate terminology if your company has already adopted standards.
• Clearly indicate deadlines and language directions (eg direct translation from German to English).
• Submit documentation in as clear and readable an electronic format as possible.

By following these steps, you ensure the quick implementation of the project without subsequent delays and administration with foreign institutions.