Modern business, which erases the borders of states, and international attachment to the English language have forced the creation of a separate type of translation – financial and economic. An ordinary translator is unable to produce accurate written translation of financial documents due to lack of experience in business activities of both countries. Translation of accounting and banking documents including translate english to arabic has a number of peculiarities, lexical difficulties and implies bigger responsibility for correct transfer of all the information data.
Peculiarities of translation of financial documents
In order for two companies from different countries to combine their business plans into a single whole, they need to study each other’s financial statements. To do this, they provide their accounts, documents confirming their financial status and other data that are necessary for reconciliation. All of this documentation should be translated into a language accessible to both parties. Financial documents that require translation include primary and accounting documents:
bank statements and receipts;
statements of financial results;
tender contracts and others.
Accounting and banking documents are considered to be complex texts, because they have strict standardization, specific terminology and financial data, the accuracy of which determines the result of the future agreement and transaction parameters. In order to translate the standardized forms of one country, one needs to know the standardization of the other, with the yearly changes in forms and requirements. The translator must have an excellent understanding of the financial documentation, and keep abreast of any changes that occur in the legislation of both countries. The obligation of awareness imposes an additional responsibility to keep the translated and properly executed data up-to-date.
Financial translation has morphological difficulties because Russian documentation is full of complex terms and neologisms. Word order also plays an important role in translation, because in Russian, while it is allowed and does not change the meaning, in English, this kind of freestyle is not acceptable.
An important aspect of translating financial documents is the accuracy of transferring all numeric data into the new copy of the form. The slightest discrepancy with the original can critically affect not only the relationship of the translator and the client, but also damage the financial condition of companies, due to missed opportunities. Therefore, a translator of financial documents must be proficient not only in translation, but also in economic literacy and knowledge of business and accounting.
Financial Translation Criteria
The first criterion for a translation is accuracy. This indicator applies to all texts, but in the case of financial documentation has a nuance. The accuracy of word transfer from one language to another must be as close as possible to the existing commonly accepted rules. That is, if a foreign form contains a phrase that is not an exact translation of the corresponding item in the Russian copy, the foreign phrase should be given preference.
The second criterion is the method of translation for the benefit of the customer or the code. This model is used by the translator, if the area of business, which develops in both countries, has a completely different culture of performance and action, or the foreign side does not have a similar linguistic base. In this case, the translator makes up the financial documentation according to the rules of the country for which the package of papers is provided.
The ideal translation of accounting and banking documents is to balance both criteria. To achieve such a result, the translator should have an accounting or economic background, a high level of language proficiency, knowledge of the culture and legislation of each party, and the use of all possible translation methods.