Financial Translation

All presentations are in English unless otherwise noted.

FIN-1 (S, 8:30am-10:00am) - Beginner
An Introduction to Accounting for Translators (Basic Financial Statement Analysis)
Robert F. Taylor (San Diego, California), ATA-accredited (Russian®English; Italian®English) business and financial translator

This short course will give translators insight into the components of financial reporting (primarily the balance sheet and income statement), and will briefly cover types of financial statements that differ by type of company activity (e.g., leasing, retailing, manufacturing, banking, etc.). Cultural and legal aspects that have an impact on accounting will be discussed. In addition, the pitfalls of translating financial statements will be covered, including: awareness of false cognates, the determination of English equivalents for entries based on their location in financial statements, and attempts to find established American financial terminology for foreign accounting concepts that do not exist in the United States. Finally, the uses of financial information will be summarized.

FIN-2 (S, 10:15am-11:45am) - All Levels
Developments in International Accounting Standards
Robin Bonthrone (Mainz-Kastel, Germany), managing partner, Fry & Bonthrone Partnerschaft

An ever-increasing number of countries are requiring companies to report their consolidated financial information in accordance with International Accounting Standards (IASs). In Europe, the EU has established a timetable that should see all listed companies in the EU publishing IAS consolidated financial statements by 2005, and many companies are now in the process of adapting their financial reporting systems to ensure compliance with the IASs. In the U.S., the Enron debacle and other concerns about the accuracy of U.S. GAAP reporting have further fueled the heated debate about whether IASs should be permitted, or even adopted, in the United States. Reflecting the global nature of the IASs, these standards have already been translated into many languages, and there is a growing volume of secondary literature available in a wide range of languages. The adoption of IASs also means new challenges for translators and interpreters, who will have to familiarize themselves with a large new body of specialist knowledge. Starting with a brief history of the IASs (in future: International Financial Reporting Standards), this presentation will provide an overview of the current status of IASs and expected future developments, concluding with a brief look at translations and secondary literature in languages other than English.

(Related Sessions: Preconference Seminars (Seminar C), The Equity Market: Fundamental Versus Technical Analysis; Preconference Seminars (Seminar L), Translating Debt: Spanish to English; Preconference Seminars (Seminar O), Understanding Argentina: What Led the Third Largest Economy in Latin America to Default?; French (F-5), Swap and Derivative Terminology in FrenchÕEnglish Translation; German (G-5), Euro Proficiency for GermanÕEnglish Translators; Hebrew (H-2), Hebrew Financial and Banking Workshop; Slavic Languages (SL-2), Getting Down to Business: Translating Russian Financial and Economic Terminology; Spanish (S-8), Translating Spanish Companies' Financial Statements; and Spanish (S-9), Taxation in Latin America)