At Fluid Translation, we translate up to twenty annual and sustainability reports each year, as well as many quarterly reports and other important financial documents. Our clients are often internationally listed companies headquartered in Sweden.
At the end of each summer, we start the planning process for the upcoming annual reports, working together with our clients so that we can book their usual team of translators, proofreaders and editors, and so that we are able to set up a realistic and efficient schedule.
As a language consultancy with twenty years of experience in financial translation, Fluid is well-positioned to help companies with the demanding process of translating an annual report. Below we list some key factors that will ensure that your financial translation is a success.
Accuracy and confidentiality
In today’s globalised economy, it is essential that financial documents such as annual reports and quarterly reports are accessible to stakeholders worldwide. Professional translation of these texts requires more than just language skills, it requires a deep understanding of financial terminology, relevant regulations and the secure handling of sensitive information. Fluid Translation always works in compliance with ISO 17100:2015, which sets out requirements for the delivery of a quality translation service.
High linguistic precision
Financial documents are often governed by international regulations, such as IFRS (International Financial Reporting Standards). This means that a financial translator must not only have a good knowledge of the source and target languages, but also an understanding of financial principles and terminology. A mistranslated item in an income statement or an incorrect title in a management report could have serious consequences, both legal and fiduciary.
Regulations
Many companies are required to comply with IFRS regulations, especially if they are a publicly traded company or operate internationally. This makes it particularly important that a financial translation is in line with the definitions and concepts used by these standards. A financial translator needs to be familiar with how key concepts such as ‘intangible assets’ and ‘cash flow’ are defined and used in different regulatory frameworks and ensure that these concepts are accurately reflected in their translation. In Sweden, financial reporting is also governed by the Board for Swedish Financial Reporting Supervision, who supervise issuers subject to the Swedish regulations in Chapter 16, section 1 of the Securities Market Act (2007:528).
Information security
Another key aspect is the handling of confidential information. Before an annual or quarterly report is published, it will contain business-critical information that must not be disseminated outside a set group of people. It is, therefore, crucial that the translation process takes place securely, with clear procedures for data protection and secure communication between client and translator. All storage and transfer of documents should be encrypted or take place via a secure platform, and there should be clear procedures for how drafts and final versions are handled and deleted. All systems used by Fluid Translation comply with ISO/IEC 27001.
Quality assurance
Important financial documents are widely published and often need to be reviewed by external parties such as auditors, investors and other authorities. Therefore, it is important that the translated versions are of the highest quality. This means that a translation should undergo thorough quality assurance. At Fluid Translation, a translated text is always reviewed by a second language expert with financial knowledge. In addition, central parts of the text such as the CEO word and the Year in Brief section are reviewed by one of our copy-editors, who refine the wording and give the translation a natural feel. The quality management system we use for this process is compliant with ISO 9001:2015.
Our customers can also review the translation themselves before publication and provide feedback, so that we can save the changes for future reports. A convenient way to share feedback is in Fluid’s ICR tool. ICR (In-Country Review) is an online platform where a customer’s own experts can review a translation and make changes and comments. The text is then automatically updated in our translation program before the final files are delivered to the customer.
Good planning is key
At Fluid Translation, we know how important it is to start planning for the annual report season well in advance. We recommend that all our clients think about the translation process as early as possible, in order to be able to set up a sustainable schedule that reduces stress for both the client and the translator. Often, there are large parts of the report, such as the sustainability report, that are ready before the end of the year and can, therefore, be translated long before the final important figures need to be in place.
Contact us to find out more about our translation processes and how we can make your work with annual reports easier.