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