1. International Federation of Accountants Translation Activities in IFAC – an Update Kelly Ånerud, Senior Technical ManagerKelly Ånerud, Senior Technical Manager IAASB MeetingIAASB Meeting New York City, USA March 18, 2010

2. Translations  European Union  Translations of Clarity ISAs and ISQC 1 into 21 official EU languages  Translations of standards into other major world languages: Arabic, Chinese, Russian, Portuguese  Strategic relationships: IFRSF, United Nations, World Bank  Maintenance of Translations Database  Ongoing processing of permission requests, translation proposals and legal agreements Key Priorities

3. Translations IFAC MBs represent approximately 55 languages IFAC’s standards and publications are translated into some 40 languages, but not all are up-to-date ISAs / ISQC1 – 42IPSAS - 17 Code of Ethics – 35IES - 8 SME Guide - 11QC Guide - 8 2009 translation/reproduction: approx. 200 requests processed, 90 agreements drafted, 64 complete/signed 100 updates to TDB Key Statistics - 2009

4. Translations 18 of 20 completed translation agreement packages returned 96% of translated standards submitted to DGM/DGT 4 countries have yet to submit entire set Generally progressing well, DGT still completing review IFAC provided draft copyright waiver to EC and cover templates to translating bodies 10 EEA countries likely to adopt Clarity Standards EU Translation Process – March 2010

5. Translations - Chain of Title IFAC owns copyright in English language originals IFAC grants Translating Body permission to translate/publish IFAC owns copyright in English language originals IFAC grants Translating Body permission to translate/publish Translator Translating Body IFAC Adopting authority Adopting authority Contractor Agreement Exhibit B Contractor Agreement Exhibit B Assignment Exhibit C Assignment Exhibit C Waiver (if required) Waiver (if required) Grant of Rights

6. Translations Long sentences with complex structures Inconsistencies (‘work papers’ vs ‘working papers’) Words with multiple nuances (‘to consider,’ ‘to issue’) ‘Give a true and fair view’ vs ‘present fairly’ ‘Professional accountant,’ ‘practitioner,’ ‘assurance engagement,’ ‘component,’ ‘misstatement,’ ‘tolerable misstatement,’ references to ‘IFAC Code of Ethics’ Glossary – references to ISA and paragraph where terms designated with “*”are defined would be helpful Consistency with IFRS important Feedback from Translating Bodies

7. Translations Feedback from Translating Bodies Long sentences with complex structures Lack of consistency (‘work papers’ vs ‘working papers’) Words with multiple nuances (‘to consider,’ ‘to issue’) ‘Give a true and fair view’ vs ‘present fairly’ ‘Professional accountant,’ ‘practitioner,’ ‘assurance engagement,’ ‘component,’ ‘misstatement,’ ‘tolerable misstatement,’ references to ‘IFAC Code of Ethics’ Glossary – references to ISA and paragraph where terms designated with “*”are defined would be helpful Consistency with IFRS important

8. Translations Arabic – In place - ASCA Jordan coordinates Chinese – CICPA French – Canada and European Translating Bodies German – In place – IDW coordinates Portuguese – Brazil and Portugal Russian – In progress - Kazakhstan (ECCAA) Spanish – Spain’s Translating Bodies (ICJCE and ICAC) and Latin America (FACPCE RC, IMCP) One Quality Translation per Language

9. Translations Finalization of EU translation process Keep translations up-to-date as new standards are issued Continued development of strategic relationships Commercial agreements / Sublicensing Critical Environmental Issues

10. Translations Finalization of EU translation process Keep translations up-to-date as new standards are issued Continued development of strategic relationships Commercial agreements / Sublicensing Critical Environmental Issues

11. Translations Identify opportunities and take initiative Encourage regional cooperation Review translations database and inform IFAC about need for updates: What can you do to assist? http://www.ifac.org/Translations/database.php Questions? permissions@ifac.org kellyanerud@ifac.org

12. Ďakujem! Obrigada! Shukran! Takk! Arigato! Xie Xie! Merci! Spasiba! Dank u! Danke! Tack! Blagodarya! Děkuji! Tak! Tänan teid! Se ef ̱ charistó ̱ ! Köszönöm! Kiitos! Gracias! Paldies! Grazie! Ačiū! Hvala! Mulţumesc! Dziękuję! Go raibh maith agat! Thank you! Grazzi!

13. International Federation of Accountants www.ifac.org