BURG Translations Blog
4 undeniable challenges to translating lease agreements for large multinational companies
With its effective date of 2018, an important issue of the FASB’s most recent accounting standard (ASC 842) is the potential challenge that Lease Administrators, CFOs and accountants will have with translating lease agreements. Lease agreements for tangible assets outside the United States are now required to be recognized on balance sheets- making compliance more complicated. Globalization has resulted in an ever-increasing pressure on accountants, lease administrators, attorneys, and their firms to deal with fast, accurate, and cost-effective translations of leases. Service professionals should therefore make it a priority to thoroughly understand the challenges that are likely to arise when having leases translated.
The translation process of one lease agreement is straight forward. The translation of potentially dozens or even thousands of lease agreements for the purpose of complying with ASC 842 is very different. Here are the need-to-know challenges of translating lease agreements for ASC 842 compliance. Read more
5 significant issues to consider regarding the FASB’s lease accounting standard ASC 842
The Financial Accounting Standards Board (FASB) functions as an independent and not-for-profit organization that establishes financial accounting and reporting standards for all organizations that follow Generally Accepted Accounting Principles (GAAP). After nearly 10 years in the making, FASB announced its most recent standards update in February 2016:
ASU 2016-02, Leases (Topic 842)
Intended to address some of the most common criticisms of the current accounting and reporting rules, the most recent amendments focus on transparency. In the aftermath of the SEC’s 2005 report on off-balance-sheet activities, which recommended changes be made to lease agreement regulations, the FASB and the International Accounting Standards Board (IASB) developed and published a joint guidance that, in the words of FASB Chair Russell G. Golden, “responds to requests from investors and other financial statement users for a more faithful representation of an organization’s leasing activities.” Read more
BURG Translations, Inc. announces enhanced lease agreement translation process in response to FASB’s lease accounting standards change
Chicago, IL, March 1, 2017: Chicago-based BURG Translations, Inc. – an international company specializing in technical translation services – announces an enhanced lease agreement translation service process for accountants, lawyers and others impacted by last year’s FASB changes to lease accounting standards.
The changes announced in February, 2016, require lease agreements for properties outside the United States to be recognized on balance sheets. Many of these lease agreements are not in English, creating a translation problem for accountants and lawyers.
Should you hire a nonprofessional translator or a translation agency
As a translation company, we depend on professional freelance translators constantly. This article addresses nonprofessional translators and is specifically making a comparison between a nonprofessional translator and a translation company. Clients sometimes debate if they should use an individual they hear of (it could be a colleague, friend, or second cousin’s best friend’s girlfriend) to translate a document or go to a professional vendor. This article is meant to address this decision.
While you might pay less up front with a nonprofessional translator, you’ll likely end up spending more time or money than you would if you went directly to a skilled language service provider with your project. Here’s why you don’t want to go the seemingly cheapest route.
CASE STUDY: Medical device marketing department reaches key opinion leaders faster
Problem
The marketing department for a medical device company needed help finding as many key opinion leaders (KOLs) as possible from across three countries to champion the company’s products. The KOLs were needed for regional sales and marketing teams to maximize sales quickly.
The challenge in this case was that the company had no support and a limited budget to identify and locate these KOLs. Moreover, patent protection time constraints and annual sales targets placed a great deal of pressure on the sales teams to successfully sell as quickly as possible. Finally, the information needed to find these KOLs across three different countries was in different languages. Given the budgetary and time constraints of this company, the medical device marketing team needed to choose a vendor with an alternative approach.
