Professional translations in banking law
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.
1. 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.
2. 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.
Read the blog post on our website: http://www.linguaforum-frankfurt.de/en/professional-translations-in-banking-law/
Company statement on YouTube: https://www.youtube.com/watch?v=ceMuqvG3r8I&t=10s
Geschäftsführerin / Managing Director, Staatlich geprüfte Übersetzerin
Linguaforum Frankfurt GmbH
International Translation Services
HRB 13771 (Amtsgericht Bad Homburg)
An der Herrenmühle 7-9
61440 Oberursel (Taunus)
Telefon: +49 6171 7039 966
Mobil: +49 151 5875 1957
Language services of all kinds are our competence. We ensure that your global business runs smoothly. Internationally and very close to you in Oberursel, just outside Frankfurt. We translate for you contracts, advertising material, presentations, websites and interpreting at your business meetings, press conferences or trade fairs.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Professional translations in banking law here
News-ID: 949948 • Views: 451
More Releases for German
German Maritime Security 2018, German Government Statement!
Despite all international and national efforts, piracy remains a serious peril for the international shipping industry. Especially in Asia (i.e. Chittagong/Bangladesh or on the Strait of Malacca), but also in South America (e.g. Bay of Santos/Brazil or in the port of Callao/Peru) robbery or piracy there has recurred in the recent past. At the West African coast the number of incidents had raised even by 50% with 66 incidents this
More German Investments Mean More German Translations
Why Language Continues to be an Obstacle for Investing in Germany Germany is one of the prime markets for foreign investments, with an estimated 4% of global direct investment making its way into the country. In fact, the world’s second richest man, Warren Buffett, who is only beaten to the top spot on the financial leaderboard by Microsoft Founder Bill Gates, believes Germany to be a ‘great market’, and confirms the
German Design Award 2015
German Design Council Awards a Special Mention to the LR 1000 Laboratory Reactor and Nominates the Tube Mill Staufen, Germany, February 23, 2015 — For the second time, a device produced by IKA® Werke has received the "Special mention for exceptional design quality" award from the German Design Council. The company was presented with the award in the "Excellent Product Design — Industry" category as part of the German Design Award 2015
German Local Trade Tax
All the companies in Germany are liable to pay not only corporate income tax, whose rate is nowadays about 15% of the annual profit of the company, but also trade tax (Gewerbesteuer), which is a tax of German characteristics. Why would we say that trade tax is of German characteristics? Because it is different from the corporate income tax, which is charged by the German Federal Government and it is difficult
Integral Launches German Bureau
Integral Launches German Bureau Appoints Suchit Manchanda as the Head of Operations January 4, 2010: Germany: Integral Fusion, a leading software services firm, has launched operations in Germany and announced the appointment of Suchit Manchanda as their Managing Director. The German bureau will be responsible for strategic business development in European Union organizations and client servicing. Suchit a world class MBA from Hochschule Nürnberg, Germany and a Masters in IT from Jamia
ISPA – German Masters 2008
Magdeburg – Over the long weekend of the 4. Mai more than 1.000 Skat players filled the Mittelland hall in Barleben. The tournaments of the 30. German Mastery and the 27. open International German Single Mastership were held by the International Skat Players Association, ISPA Germany. Patrons of the Games were the 1st Barleber Skat sports club e.V. and the Skat club \"Burger Ihleskater\", whose good organization together with the