Translations of IFRS - financial statements according to international law
The International Financial Reporting Standards (IFRS) are a set of regulations that companies can use to create their annual financial statements and consolidated financial statements. These standards give businesses the advantage of comparing their finances on an international level without having to convert the financial statements of the respective countries into one unified language.
Still, translations of these financial statements are often necessary. We have experience providing accurate and confidential translations of IFRS financial statements into over 150 languages. Our native-speaking translators are familiar with the subject, many with specific training in finance, and will translate the economic terminology into the desired target language with pinpoint precision. Contact us, and we will provide you with a no-obligation quote for your project.
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However, in order to compare themselves with international competitors, companies had to follow complicated procedures to convert foreign financial statements into their own form. In order to get rid of this process, the International Accounting Standards Board adopted the IFRS. All companies that formed their financial statements in accordance with the IFRS could now easily compare themselves with international competitors.
IFRS reporting standards are not for everyone
Upon adopting the IFRS, the European Parliament decided not to make these international guidelines obligatory for all companies, but to leave that decision up to the countries. Long story short, not all companies have to form financial statements in accordance with the IFRS. In Germany for example, the German Commercial Code remains mandatory, but companies can still opt to create additional statements in line with the IFRS.
Instant quoteFor corporations, the decision regarding IFRS obligation has to do with whether or not the corporation is publicly traded. Corporations oriented in the capital market are obligated to prepare a final statement in accordance with the IFRS, while other corporations may choose to do this.
Do you have IFRS financial statements that need to be translated?
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