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Friday 29 May 2015

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IFRS translations

 The IFRS Foundation and its translation policy


Translation is a vital part of achieving the IFRS Foundation's mission to develop a single set of high-quality global accounting standards for use around the world.

The IFRS Foundation recognises the central role of the provision of IFRS and supporting material in other languages. It therefore seeks the close co-operation of jurisdictions and organisations interested in producing translations of IFRS and related material. Moreover, the translation of the Standards is often an important component in a country’s decision to adopt IFRS.

It is in the interest of any country adopting or using IFRS or the IFRS for SMEs that the translated Standards are of a high quality. Countries adopting or permitting the use of IFRS will only be able to benefit from the comparability and transparency that the use of IFRS provides if the standards are rendered accurately and completely into each language.

To ensure that all countries adopting or using the Standards will reap the full benefit of IFRS, the cornerstones of the IFRS Foundation translation policy are:

  • Official translation process involving expert review of translations
    To ensure the best technical translation possible, all translations of IFRS are reviewed by a committee of accounting experts who are native speakers with proven knowledge and expertise in the area of IFRS.
  • The IFRS Foundation maintains control of the translation process
    To ensure that IFRS remain uniform across all languages and that translations are of the highest standard, the IFRS Foundation maintains ultimate control over the translation process for IFRS and other official material such as the IFRS Taxonomy.
  • Only one translation per language
    Multiple translations of IFRS into the same language would endanger comparability, transparency, and the long-term sustainability of high-quality IFRS translations. The IFRS Foundation therefore supports only one translation per language.