The IFRS Foundation and its translation policies
Translation is a necessary and 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 IFRSs and supporting material in other languages. It therefore seeks the close co-operation of jurisdictions and organisations interested in producing translations of IFRSs and related material. Moreover, the translation of IFRSs is often also an important component in a country’s decision to adopt IFRSs.
It is in the interest of any country adopting or using IFRSs or the IFRS for SMEs that the translated IFRSs are of a high quality. Countries adopting or permitting the use of IFRSs will only be able to benefit from the comparability and transparency that the use of IFRSs provides if the IFRSs are rendered accurately and completely into each language
To ensure that all countries adopting or using IFRSs will reap the full benefit of IFRSs, the cornerstones of the IFRS Foundation translation policies are:
- Official translation process involving expert review of translations
To ensure the best technical translation possible, all translations of IFRSs are reviewed by a committee of accounting experts who are native speakers with proven knowledge and expertise in the area of the IFRSs.
- The IFRS Foundation maintains control of the translation process
To ensure that IFRSs remain uniform across all languages and that translations are of the highest standards, the IFRS Foundation maintains ultimate control over the translation process for IFRSs and other official material such as the IFRS Taxonomy.
- Only one translation per language
Multiple translations of IFRSs 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.