Specialist financial translation is the translation of financial documents carried out by translators with in-depth expertise in financial terminology, accounting standards and industry knowledge. Unlike general translation, specialist financial translation requires an understanding of economic principles, regulatory requirements and the ability to translate complex financial concepts accurately and consistently.
Requirements for financial translation
Specialist financial translators must have solid knowledge of IFRS and other accounting standards, an understanding of financial instruments and markets, experience with annual accounts and financial reporting and insight into regulatory requirements from the Swedish Financial Supervisory Authority and the Stockholm Stock Exchange. Many financial translators have a background in economics, auditing or finance, which gives them the required subject knowledge.
Quality assurance is crucial.
For financial translation, quality assurance is particularly critical because errors can have serious consequences. The four-eyes principle where at least two financial experts review a translation is mandatory for annual reports. Translation memories ensure that terms are translated consistently throughout a document and between reporting periods. In addition, translation memories keep delivery times and costs down because recurring texts are automatically reused over and over again. Term bases contain approved translations of financial terms that should be used consistently.
Time-critical deliveries
Financial documents such as quarterly reports and year-end reports are time-critical and market-sensitive. Specialist translators must be able to deliver quickly without compromising on quality. Express translation within 24–48 hours is standard for quarterly reports. Fluid Translation is a language consultancy with ISO-certified system support that offers IFRS experts with 10+ years of experience, applies the four-eyes principle and uses translation memories, term bases and effective project management for time-critical projects. Read what our customers say about us here.