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Regulations that will influence the financial Chinese translation

Financial translations are one of the most specific sectors within the areas of translation and interpretation. As explained in this post , it requires a high degree of training. So today we will talk about several regulations that professional Chinese translators who specialize in financial translations must take into account to interpret the texts correctly.

Multidisciplinarity is inevitable in financial translations, because finances exist in every field in which finance play an essential role, which results in that professional Chinese financial translators must study various international and national legislation as detailed below.

1. International Financial Reporting Standards (IFRS)

It is a set of standards applicable worldwide issued by the International Accounting Standards Board , an organization that since its London headquarter established this framework of rules, has been respected around the world for the practice of accounting .

The professional Chinese translators specialized in this field, cannot simply translate word for word documents related to this subject. Therefore, they should be aware of the updates of such regulations in order that any expression take them on tiptoe, causing them to lose too much time in further investigation.

financial Chinese translations

2. General Accounting Plan (PGC)

To work with financial translations in the Spanish territory, professional translators, when translating such texts, must remain attentive to the updates published in the Official State Gazette (BOE) on the General Accounting Plan, the rules governing finance in Spain.

This plan, whose 2007 version adapted the regulation to the International Financial Reporting Standards is fairly complete, so professional translators can benefit from it to gain knowledge of various topics such as pension plans, the financial investments and real estate or grants, among many other fields.

3. Reform of the Basel Committee

Having professional translators capable of constantly keeping updated will make a difference for all translation companies. In the case of financial translators, reforms of the Committee on Banking Supervision will be essential to increase the quality of their work.

This Swiss organization's mission is to establish common standards in the global banking, with the aim of strengthening the system. Its constant updates determine the activities of all international banks, a reality that financial translators can not neglect.

financial Chinese translations

4. International Public Sector Standards (IPSAS)

The public entities generate significant turnover in the private sector, which the financial translators are part of. It is therefore vitally important that professionals know how to handle the particularities of this system that generates so much documentation.

The International Standards for the Public Sector regulate the entire operation of finance in public institutions based on the general interest, so it is a guide must be consulted for any translator working with this sector.

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