1. Translating the International Financial Reporting Standards Ioanna Tzivani Translation Project Manager

2. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 2 The IASB The International Accounting Standards Board (IASB) is the standard‑setting body. Objectives: (a)to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions; (b)to promote the use and rigorous application of those standards; (c)in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of small and medium‑sized entities and emerging economies; and (d)to bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standards to high quality solutions.

3. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 3 The IASC Foundation The International Accounting Standards Committee Foundation (IASCF) exists to support the IASB. The IASCF is a not-for-profit organisation. The IASCF raises funds for the Board through donations and product sales. The IASCF has 61 permanent members on staff, excluding Board members.

4. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 4 The IASCF Process – What if we didn’t have it? Market confusion: Without centrally coordinating the translation proces, there could be more than one translations per language. Barrier to implementation and adoption: The IASCF process includes translation and review by industry experts eliminating errors and inconsistencies.

5. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 5 The IASCF Process – Why? The IASCF translation process was created: high- quality to ensure that for each language a single, authoritative, high- quality translation of the IFRSs is available. to ensure that best practice and experience are passed on. to sustain a process in each language which will cover not only translation, but also corrections. The IFRSs are currently translated into over 40 languages The IASCF translation team consists of 3 members of staff.

6. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 6 Official Translation Process – How? Initial contact & Agreement Translator, Coordinator & Review Committee appointed IFRS Translation Review of translated IFRS Terminology translation & review QA Checks & release of translated IFRS

7. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 7 Official Translation Process – Steps Step 1 Terminology: identify Key Terms in English, translate and review Example: Effect of Depreciation and Amortisation Differences on Fair Value Adjustments; Step 2 Translate the Standards, using existing IFRS translations as reference, and CAT tools; Step 3 Review of translated Standards by experts; Step 4 Run checks, correct, release.

8. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 8 Adoption of the IFRSs Most European governments outside the European Economic Area choose to adopt the IFRSs as national legislation. To enable adoption, the IASCF waives its rights to the bare, numbered Standards within the jurisdiction. Where an IFRS translation exists prior to adoption, the IASCF makes it available to the adopting jurisdiction, for review and government adoption. The IASCF encourages the translation and publication of the full IFRS bound volume, regardless of the adoption and publication of the bare, numbered Standards.

9. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 9 Adoption of the IFRSs – the EU model Process before November 2005: 1. IASB issues IFRS 2. European Commission receives English text of the bare, numbered IFRS 3. European Financial Reporting Advisory Group offers its views on the endorsement of the IFRS 4. IASCF translates IFRS 5. IASCF review committee reviews translation 6. QA checks 7. Deliver translation to European Commission 8. Accounting Regulatory Committee receives translation 9. Adoption and publication in Official Journal

10. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 10 Status of IFRS translations in South Eastern Europe Albania Bosnia & Herzegovina Bulgaria Bulgaria Croatia Kosovo (UNSCR1244) fYR Macedonia fYR Macedonia Moldova Romania Romania Serbia & Montenegro (Republic of Montenegro) Serbia & Montenegro (Republic of Serbia) Serbia & Montenegro (Republic of Serbia) Turkey Turkey Ukraine

11. Ioanna Tzivani REPARIS - SE Europe Workshops - Mar 2006 11 Questions? iTzivani@iasb.org www.iasb.org/resources/translations.asp