Language Translation in International Accounting: Challenges and Way Forward

Abstract

This paper examined the challenges inherent in international accounting language translation especially as it relates to communicating financial information to people of different cultural and linguistic origin and proffered possible solutions to the challenges. The paper drew attention to the innate danger of misunderstanding in the use of special register as a means of communication in accounting because of the problematic nature of translating Language for Specific Purpose (LSP) and the need to distinguish meanings associated with professional terminologies from meanings associated with everyday language usage. The work is also aimed at creating awareness on the need for a more sensitive approach to translation by accounting researchers particularly in Nigeria which could culminate into more scholarly articles on translation in this part of the world. This is because, if as a result of poor information translation, investors and other critical stakeholders of a particular firm misconstrue elements of foreign language financial statements, misguided investment decisions might be made. The study found that, translation is indispensable due to the fact that; individuals and organizations engage in international trades. Secondly, International Financial Reporting Standards (IFRS) and European Union (EU) declarations are translated into diverse of language cultures. Thirdly, language translation is of fundamental importance in international accounting, however, Nigeria has paid far less attention to translation in this area than other academic disciplines. It recommends that, culture should be instilled in translation so as to be widely accepted. Translators should be aware of the boundaries as well as ensure completeness of translation.