Late translating story (4)
I believe the answer is:
tale
'story' is the definition.
(I know that story can be written as tale)
'late translating' is the wordplay.
'translating' indicates an anagram (I've seen 'translated' mean this).
'late' is an anagram of 'TALE'.
(Other definitions for tale that I've seen before include "Late with a story" , "Report" , "Anecdotal narrative" , "A story, perhaps out of school" , "'Story, narrative (4)'" .)