Financial Terminology – Meet The “Language” Requirements
US GAAP and IFRS – Similarities and Overcoming Difference by Being Financially Bilingual
As a Language Service Provider, we always need to emphasize how important languages are, and speaking the correct language helps companies to be successful. This does not necessarily relate to the language itself, as a skilled Spanish speaking person may still not be the perfect match for your multilingual translation needs into Spanish, if not familiar with the field expertise, in this case finances.
But even though you may find a native speaker of the target text, being familiar with the field expertise, it is important to be bilingual in the required field: your linguist must speak both US GAAP and IFRS nowadays.
Most companies operate in a global marketplace nowadays, and the impact of IFRS on US capital markets is not just about its domestic use in capital filings.
From a language perspective, the terminology and structure of US GAAP compared to IFRS may vary in different aspects. That means that e.g. financial ministries within the European Union have a different terminology requirement for similar terms when dealing with e.g. UK´s HM Revenue and Customs agency compared to the IRS in the United States.
Therefore, a term being used in the US may have a different definition in Europe or elsewhere in the world, leading to misunderstandings and potentially causing issues and companies are advised to meet the regulations and requirements of the local market they are operating with.
IFRS regulations and requirements outside the US may still affect US companies. These effects may relate to M&A activities, cross-border business or other activities and are certainly not limited to private hold companies, but apply in the same manner to public corporations.
IFRS adoption in more countries leads to a stronger impact on US businesses and therefore an increased need of tailored solutions when it comes to translation of financial documents.
Wagner Consulting deals with multiple government agencies to provide multilingual, cross border language services to make sure the financial language meets the local requirements and terminology is interpreted in the correct way.
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