A lot to report

2009 has been another big year for annual and interim reports at Fox Coffey. By the summer we had translated annual reports for 14 companies, including some of Austria's largest and most successful.

Big names included A-TEC Industries, AT&S, EconGas, E-Control, Emco, Frauenthal and OMV.

Fox Coffey senior partner Roy Fox said: "Notes to accounts may not be everyone's cup of tea, but each report is different, and it's precisely the technicalities that make this kind of translation an interesting challenge. We try to think our way into the accounting issues."

An important aspect of the work is keeping up with changes in accounting practices. For instance, Austrian companies are increasingly presenting their financial statements in accordance with IAS.

Fox Coffey keep abreast of modern accounting methods by collecting British and American annual reports, and by talking to experts. New terminology is stored in a fast-growing database. The firm subscribes to the International Accounting Standards Board's online service which provides access to the latest IFRS in searchable form.

Naturally, large parts of an annual report may remain virtually unchanged from year to year, and if the previous year's translation is stored on the system the translator has a big advantage. Fox Coffey use translation memory software to identify unchanged texts and pick up small but vital differences. The savings are passed on to customers in the form of discounts.