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It's time to translate your company's annual accounts

Annual accounts

It's hard to believe, but we're already well into the new year: it might be a start for some, but for others, it marks an end. We're talking about the financial year which has just come to an end, and it's time to get to work on your annual accounts, also known as financial statements, accounting statements, or financial reports.

What exactly are annual accounts?

These are the financial statements that companies are required to report and publish in the Companies Register. As such, the objective is to reflect the financial and economic situation of the company in a given financial year. These documents have a mandatory structure established by the General Accounting Plan (PGC) and the generally accepted accounting principles (GWP) and International Financial Reporting Standards (IFRS) must be applied.

When should I publish the annual accounts?

As mentioned above, these accounts reflect the situation of the company in a given financial year (12 months). In Spain, for example, the financial year coincides with the calendar year (1 January to 31 December), so the deadline for the submission of the different documents are as follows:

  • Annual accounts drawn up by the Board of Directors or the Company Administrator -> 31 March.
  • Approval by the Shareholders -> 30 June.
  • Deposit in the Companies Register -> 1 month after approval with a final deadline of 30 July.

These deadlines will change depending on the country.

Why should I translate these documents?

Globalisation crosses borders: if your company is part of a multinational or has subsidiaries abroad, you'll most likely need to prepare your annual accounts in languages other than Spanish. A document as important as your annual accounts, which you need to present to partners, the board of directors, and shareholders, should be translated so that everyone who needs to understand them, can, regardless of the language they speak. Although a lot of the information will be in numerical format, it's important to understand that each language expresses numbers in a different way.

Trust in a translation company

It is important to remember that these types of translations are representative of your company image, so it's essential to guarantee they're done professionally. In this sense, the translator or translators who work on them should have extensive experience in financial and legal translation.

Annual accounts are documents which employ very specific financial terminology which requires real precision in its translation, as well as tables that must be correctly formatted after their translation into each language. For this reason, it is important to use translators who are specialised in financial translation in general and in translation of annual accounts in particular.

Annual accounts are confidential, so the translation should be carried out by a translation company that holds a quality certificate and can ensure the data is handled confidentially.

More haste, less speed

Don't leave the translation to the last minute! This project can be slow and tedious to prepare. Just as the financial team needs time to prepare it all, translators need sufficient time to work with such sensitive information, to ensure that the final result is thorough. The financial translator will need several days to translate and then review the documents. So, as is the case for many things, it is better to have a good margin! At AT Language Solutions, we do not need the final, definitive document in order to start the translation, as we can translate chapter by chapter while you prepare the texts. This way, we can advance the work and avoid any possible inconvenience.

The advantages of working with AT Language Solutions

  • At AT Language Solutions, we have over 20 years of experience translating annual accounts and we work with many IBEX 35 companies.
  • We work with experienced, native translators, who know the terminology and required formats.
  • We have been awarded the most stringent international quality certification, ISO 17100:2015.
  • If you need an official certified translation of your annual accounts, we work with sworn translators who are authorised by the Spanish Ministry of Foreign Affairs, the European Union and the Spanish Cooperation agency.

 

Do you need a quote for the translation of your annual accounts? Get in touch!

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