Things to know about legal translationApril 4, 2021
Legal translation is a pretty vast field and it covers a lot of pitches. There are many legal documents that can be translated according to the customers’ request. Amongst all the documents that you can get translated, some of them are mentioned in the article below.
Contracts, court and witness transcripts, depositions, confidentiality agreements, wills and trusts, complaints, policies, legal statements, licenses, litigation documentation, arbitration translation, legal disclaimers and other options as well.
Law is a very particular and rich discipline. It needs a qualified and trained person to understand it and work with it. Just like that, same is the case with legal translation. It requires a professionally trained legal translator to carry out the jobs of legal translation. A legal translator must know the laws of the country for which the task is carried out. This is crucial because translating the document word to word might change the meaning of the original document. This results in a lack of accuracy in legal translation. This is the reason why legal translators need to be trained well before they enter the professional world of legal translation. It is important that the legal translators know well about the legal technicalities of what is given to them to translate.
Translation of financial statements
Translation of financial statements refers to the process of translating foreign business data into the language local currency. It is very often taken into the context of a parent company translating its foreign subsidiaries into the financial currency of any country they wish to get their data translated into. Financial statement translation can also be describes as a corporate process by making use of which, a foreign business translates its financial statements into a local language of their choice. There are two main methods of translating the financial statements. Those two methods are listed below in the article.
- Current rate method
- Temporal rate method
The primary goal of translation of the financial statements of any corporate business or foreign business is that it allows a business entity with foreign operations subsidiaries to reconcile each and every one of their financial statement in terms of any local currency which in many places is also called functional currency. One of the drawbacks is that a translator often gets confused as to what method should be used.