Professional translations in banking law
The annual financial statements are just around the corner
It is that time again.
Banks and credit institutions operating in Germany must submit their annual financial statements to the Federal Financial Supervisory Authority (BaFin) by 31 March at the latest, in accordance with Section 242 (3) of the German Commercial Code (HGB).
English-speaking and international banks and corporations are obligated to submit their financial statements in German.
“The limits of my language are the limits of my world”, Ludwig Wittgenstein, 1922, Austrian philosopher.
Time is short and you are reaching the limits of your world?
The requirements for the professional, linguistically correct translation of English annual financial statements into German are high. The translation of annual accounts must be relevant, professional, uniform and comparable. Technical terms must be translated correctly and legal requirements met.
The annual financial statements serve not only to meet the requirements of the BaFin. Management, shareholders, creditors and other stakeholders also require a professional translation of the annual financial statements in accordance with banking law. These documents serve as the basis for numerous entrepreneurial and financial decisions.
But the translation of financial statements is not only necessary due to legal requirements.
Technical translation requirements
The annual financial statements of all corporations in accordance with § 242 (3) HGB contain the balance sheet, the profit and loss account and, in most cases, a management report and the notes. The linguistic part is the predominant part.
In terms of content, the management report contains comprehensive information on the earnings situation, investments, risk assessments, forecasts, personnel reports and information and explanations on the internal control and risk management system. The presentation is subject to Section 289 (4) of the German Commercial Code (HGB). In the case of stock corporations, the dependent company report must be prepared in accordance with § 312 of the German Stock Corporation Act (AktG).
In order to meet the legal requirements of German banking law, a translation must utilize the appropriate specialized knowledge. This requires professional expertise.
The correct linguistic interpretation of the source language and the simultaneous rendering of the tonality and meaning while simultaneously meeting legal requirements are demanding tasks. The management report in particular allows scope for content and is an important indicator for the evaluation of the company by all stakeholders. The language and presentation of the economic situation must reflect the original intentions of the initial report.
The annual financial statements as a communication medium with the public
The obligation to translate the annual accounts of international companies should be seen as an opportunity.
By professionally translating your annual financial statements into German, you will be enabling a financially strong group of potential stakeholders to access your company’s information.
Take this opportunity to present your company’s results to the world’s fourth largest economy.
Linguaforum Frankfurt as a competent contact partner
We, Linguaforum Frankfurt GmbH, are your contact for translations in the fields of capital and banking law. Our translators have university degrees in law and have the necessary expertise.
Trust in our many years of experience, outstanding performance and excellent results.
We translate your annual accounts with precision and legal expertise. Our specialists have commercial law knowledge and know the BaFin requirements.
The translation process is divided into two steps:
- The source version of the annual financial statements is read. The translator knows the corresponding technical terms. He picks up the linguistic orientation of the management report and other annexes. The text is understood; the core statements on business evaluation are taken in. His level of proficiency in the source language is that of a native speaker.
- The translation is carried out. The translator is a native speaker and has legal expertise and an academic degree. He draws up the text in accordance with legal requirements. He attaches great importance to the correct communication of the content and the use of the correct technical terms of the target language. Excellent quality is guaranteed.
If you are interested in a prompt, linguistically precise and professional translation of the annual accounts for your bank, credit institution or FinTech company, please contact us.