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
As companies begin to assess what changes are needed to comply with FASB’s new lease accounting standard, ASC 842, it’s important to understand the role that technology can and should play in translating lease agreement contacts for abstracting purposes.
Without a specialized set of translation technologies, translating multiple leases to comply with ASC 842 can be extremely time- and cost-prohibitive.
Many companies have at least a few dozen, if not thousands of foreign lease agreement contacts. Now that FASB requires those leases to be reported on the balance sheet, getting them translated is a practical requirement.
Professional human translation is the right choice in most circumstances, but when there are so many documents that have very similar characteristics and that only need to be abstracted (as opposed to something requiring a higher quality of translation such as formally published marketing material), the standard human translation process can unnecessarily cost tens of thousands of dollars. That’s where a specialized set of translation technology tools can help: Read more
With its effective date of 2018 looming around the corner, an important issue of FASB’s most recent lease accounting standard (ASC 842) is the potential challenge that Lease Administrators, CFOs, and accountants will have with managing many more lease agreements.
Now that lease agreements outside the United States are required to be recognized on balance sheets, compliance will become more complicated. Globalization has resulted in an ever-increasing pressure on accountants, lease administrators, attorneys, and their firms to manage leases in a fast, reliable, and cost-effective way.
We have summarized several common points that the “Big 4” accounting firms believe should help address the new regulation. Read more
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
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
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.
With their specialized lease accounting translation service process, BURG Translations helps accountants and lawyers comprehend, process, and analyze foreign language lease contracts quickly and efficiently. The automated process can be applied to English lease agreements as well.
“Requirements for lease agreement translations and data extraction are unique because the entire document does not need to be translated and the high volume requires a technology solution. Meeting these unique standards requires a perfect combination of technology, specialized process, and linguistic expertise,” said Angelo Passalacqua, CEO, BURG Translations. “This proprietary process and technology allows our clients to process lease agreements faster and drastically lowers their overall costs.”
About BURG Translations
Since 1936, Chicago-based BURG Translations has been dedicated to providing superior technical translation services across multiple global industries. The company offers a wide variety of language services to Fortune 500 clients ranging from prestigious medical journals, legal firms and leaders in biotech and manufacturing to new tech startups, universities, healthcare groups and life science organizations. The key to BURG’s success lies in its more than 80 years of cultivating an elite corps of translation professionals. More information can be found at www.burgtranslations.com or by calling (312) 263-3379.