Translation Industry is the only industry that can work in coordination with all the industries Globally. Banking and Finance is the key industry and plays most important role in any business and individual. It is because of the nature of this industry that the translators in this specialized area have a different job nature than others. However, the specialization is required for the translators and it has been noted that the financial translators are highly in demand with the growth of globalization.
The Function of a Translator in Banking and Finance
These translators, although perform the same job of translating the content from one language to another accurately and neatly however, differs in the specializations that is because of the different financial terms. There are certain terms that do not have any equivalent term in the other language, especially while translating from English to another language. Ample Knowledge of Finance is required to become a Financial translator as new terms are constantly adding in the industry of Banking and Financing.
As a specialized translator, you always have an opportunity to work as a freelancer or attach yourself with a translation agency. With the growth of Banking and Financial Industry, the translation requirement of the same has also gained importance. According to a survey report the Financial translators earn an average of $ 98,000/- annually which is very decent earning. The translation job in the Financial industry is not at all a simple and easy going task, it sometimes gets really tricky in terms of using the accurate terms.
International Financial Reporting Standards (IFRS)
IASB (International Accounting Standards Board) in 2011 issued Standards to provide unified definition of Fair Value, known as International Financial Reporting Standards (IFRS), it also explains how it can be ascertained. The standards are of great importance for financial document translation. The main objective of these standards is to clarify the definition of Fair Value and also to increase the overlapping of standards and US GAAP. IFRS has been established as a single set of measuring requirements for ensuring the minimum complexity and maximum consistency of the principles. IFRS have also enhanced transparency by improving the disclosure concerning measurements of Fair Value.
Time and again we have used the term ‘ Fair Value (FV)’, the IFRS has defined FV as the price at which the asset is sold or which the liability is transferred in a specific ate of measurement in a business deal between two parties. It is a market-based measurement which is liable to consider the market condition at the measurement date.
Role of IFRS in Financial Translation
Earlier to IFRS by the International Accounting Standards Board, globally the companies and the other entities were presenting their financial statements by using their own version of GAAP (Generally Accepted Accounting Principles). The financial translators who are dealing with a company having their business in different countries have to deal with the standards of multiple countries. However, things have changed to a larger extent with the introduction of IFRS. Although, there are other standards that are used in some countries and many companies are following them who are working in their jurisdiction. But the IFRS is most commonly used standards and it has helped the translators in dealing with only one standard.