Computer-assisted translation (CAT) tools, particularly the translation memory (TM) feature, are one of the best technologies invented for the translation industry. As the name implies, CAT tools assist translators, but they do not replace them.
TM stores every pair of units (words, phrases or sentences) translated between two languages so that they can be re-used in the future – either again in the same file where text repeats itself, or in future files with the same text. It acts like a big glossary (of words, phrases or sentences) that helps maintain consistency in style, terminology and minimizes the amount of repetitive work that a translator does. These reductions in repetitive work reduce time for the translator and costs for the client, but while the translation is automatically retrieved from the TM, it still needs to be checked based on the context of the new text and file. This is because different languages work differently based on context. Therefore, many times, the translator needs to make adjustments to the text according to the rules and usage of the target language.
The Foreign Corrupt Practices Act (FCPA) is likely to provide more foreign language document reviews for attorneys and translators during the new presidential administration because U.S. Attorney General Jeff Sessions said during a speech this month that the Justice Department would continue to prosecute corporate fraud. He added that “one area where this is critical is enforcement of the Foreign Corrupt Practices Act.” Read more
Because businesses are now required to disclose lease commitments on the balance sheet with FASB’s ASC 842 standards update, there is going to be significantly more work for corporate accountants and lawyers, especially if foreign leases are involved. Developing a streamlined lease agreement translation process with the right technology and lease translation partner can mitigate time, cost, human error and cut down on the stress that this new requirement can bring.
There are many reasons for taking the time to create a workflow that is as automated and effective as possible. Read more
The “standard” translation process is not time- or cost-effective in meeting FASB’s new lease agreement accounting standards update ASC 842. Accountants and lawyers are beginning to realize how the translation of lease agreements will fit into their workflow towards compliance. They are going to need an efficient solution that minimizes impact on transition resources. There are also several issues the will need to take into consideration when developing their new lease agreement translation process. The process needs to minimize impact on tax preparation and auditing team schedules to avoid additional problems and costs. Read more