In accounting and financial reporting, precise wording is key. There are significant differences not only in the preparation of the reports, but also in the translation, depending on whether the underlying accounting standards are in accordance with HGB or IFRS. In addition, it is important to understand the context in order to choose the correct terms accordingly (e.g. the translation of the German “Abschreibung” can be depreciation, amortization or even both). Differences in tax and legal systems must also be taken into account. This already starts with supposedly simple terms such as board meeting (which board? which country? which legal system and form?).
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Tatjana Dujmic
State certified translator
Member of the German Federal Association of Interpreters and Translators (BDU)
> www.bdue.de
Member of the American Translators Association ATA
> www.atanet.org