Accounting, Auditing & Financial translations

The Czech market has traditionally suffered from a persistent lack of professionals qualified to translate the most demanding financial and accounting text.

The reason is obvious. Translating such text (correctly) requires not only linguistic expertise, but also advanced knowledge in accounting, auditing and law, not only of one country, but both. Clearly, individuals having these qualifications are in high demand and can easily find more lucrative fields of endeavour.

After considerable study and groundwork, JURISTRANS decided to accept this challenge and has begun offering an exclusive new service:

ACCOUNTING, AUDITING & FINANCIAL TRANSLATIONS
CZECH - ENGLISH / ENGLISH - CZECH

Our team is lead by Robert Mládek.

Educated in the USA (Fremont High School, University of San Francisco), having worked in both public (KPMG) and private accounting (Waller, Williams & Co), Mr. Mladek is recognized as the foremost Czech authority on US GAAP and IFRS.

In addition, as a consultant (GAAP.cz), Mr. Mladek brings a uniquely practical perspective to a field traditionally dominated by academics, professional translators and others lacking hands-on accounting experience.

Thus, while the team lead by Mr. Mladek includes academic members, it primarily comprises practicing accountants and consultants, fully aware of the day-to-day needs of our client companies. All translations are thus either performed or reviewed by both native speakers of the target language and experts in the respective accounting discipline.

The importance of this last step cannot be overemphasized since a linguistically correct transition may turn out to be misleading, unless due care is diligently applied.

IFRS FINANCIAL STATEMENTS
in
ENGLISH

Since 2005, Regulation (EC) 1606/2002 and § 19 of the Czech Act on Accounting requires all quoted Czech companies to publish financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

While many Czech companies approach their IFRS reporting responsibilities in the same way they approach their Czech responsibilities (a bureaucratic exercise, at best), there are those who appreciate the potential of a thoughtfully prepared financial report.

These companies realize their true audience is not a regulator or government official, but the customer, supplier, lender, key employee, community activist and, obviously, investor (both current and potential).

Instead of producing a statement with the aesthetic appeal of a tax return, they go out of their way to publish a report that casts the most favourable light possible on the company, its activities and its management. It is for these prescient companies that we offer our new, specialised service:

IFRS FINANCIAL STATEMENTS IN ENGLISH

Obviously we cannot take responsibility for the factual content of any company's financial reports (that is the exclusive province of its management and public auditors). What we can do is present the information in a way that optimizes the company's interests.

One highly touted advantage of IFRS is its principle-based nature. This nature requires management to apply their judgment and select the best possible accounting procedure. What often gets overlooked is that IFRS allows a similar amount of judgment in drafting the final report. Thus, if a company wants to dress itself up in an off-the-rack report that looks like it came from Wall-Mart, IFRS will not stand in its way. If, on the other hand, the company wants to look as if it shops on Savile Row, IFRS is just as accommodating.

The bottom line is, unlike Czech statutory accounting, IFRS is not driven by the fiscal needs of the state. IFRS exists to create a critical communication link between the company and its most important stakeholders. Whether a company's management chooses to view this as an opportunity or a threat depends on that management. But, in either event, approaching IFRS blindly is not the answer.

* The availability of expertise currently limits the extent to which this service can be offered. As a result, we cannot guarantee that will be able to satisfy all requests, especially those with urgent deadlines.