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FINANCIAL TRANSLATION
Financial translation is a process of converting financial information from one language to another. The process includes translating financial documents, such as contracts, agreements, financial statements and other forms of legal documentation. Financial translation also involves translating words and phrases used in accounting, finance and economics.
Financial translation is necessary because different languages have different ways of expressing numbers, financial terms and concepts. For example, the word “debt” has several different meanings in English than it does in French or Italian. This can cause confusion when a document is translated from one language to another without being properly interpreted first.
The translation of financial statements from one currency to another is a process that involves translating the financial statements from the original currency into the target currency. The translation process can be done manually or by using computer software, though manual translation is often performed by a trained professional.
Financial translations are required when companies want to do business in another country, and need to have their financial statements translated into the currency of that country. Companies may choose to translate their financial statements in order to make them more understandable to potential investors. Companies can also choose to translate their financial statements if they wish to sell stock on an exchange in another country.