IFRS Translations Update
From the International Accounting Standards Board

May 2010
Welcome to the IFRS Translations Update

This update is a new regular publication aimed at reaching the IFRS translation community with pertinent news and information.

This newsletter, and any news alerts will also be available to view in the translation section of our website.


Contact us

For any questions or comments please contact either:
Leilani Macdonald
Manager, IFRS Translation Team

Ken Creighton
Director of IFRS Content Services
Translation Alerts

If you want to be kept informed about news relating to translations of IFRS, and receive future editions of the IFRS Translations Update via email, you can subscribe to the IFRS Translations Alert here.

The IFRS Translation Team
The translation team, led by Leilani Macdonald, consists of 4 individuals and is part of the IFRS Content Services department directed by Ken Creighton. The languages that each team member deals with are listed below. If you have any queries or information about languages not listed below, please contact Leilani.

Leilani Macdonald Albanian, Armenian, Azeri, Bulgarian, Hebrew, Kazakh, Kyrgyz, Mongolian, Romanian, Russian, Tajik
Lorida Tieri Arabic, French, Italian, Japanese Korean, Macedonian, Portuguese (including Brazilian Portuguese), Serbian, Turkish, Ukrainian
Clare McGuinness Chinese (simplified and traditional), Czech, Dutch, Finnish, German, Polish, Slovak, Spanish
Isabella Nordio Croatian, Georgian, Khmer, Lithuanian

IASC Foundation name change
Earlier this year, the Trustees decided to change the name of the IASC Foundation to the IFRS Foundation. This will align the name of the organisation more closely with the name of the standards. In addition, the IFRIC will become the IFRS Interpretations Committee, and the SAC will become the IFRS Advisory Council. These changes are likely to come into effect in July 2010. The name of the IASB will remain the same.

Language Spotlight
In this issue we will focus on two languages: Spanish, which is directly managed by the IFRS translation team and Japanese, which is managed by the ASBJ, our Japanese-language translation partner.

Because Spanish is a truly international language, the production of one shared international Spanish IFRS translation requires international cooperation. Thus, a language that is a substantial challenge has become a model for best practice.

The Spanish IFRS translation produced is not European or Latin American Spanish, it is an International translation, appropriate for all Spanish-speaking countries. The expert review committee is led by Vicente Pina and Lourdes Torres of Zaragoza University and consists of experts from seven countries. The committee currently is:
  • Vicente Pina and Lourdes Torres, Spain
  • José Antonio Gonzalo, Spain
  • Jorge Gil and Domingo Marchese, Argentina
  • Eduardo Argil, Mexico
  • Eugenio Rodriguez, Ecuador
  • Oscar Holzmann, US
  • Samuel Mantilla, Colombia
  • Norellys Pinto Vargas, Venezuela

Working together, the committee expects to complete the 2010 IFRS Spanish Red Book so that it will be available during the third quarter of 2010. Moreover, throughout the year, the review committee will continue working to ensure IFRS updates are available in Spanish within 8 weeks of the English. The Spanish translation process is an excellent example of success and best practice.

The Japanese translation process is managed by the Japanese standard setter, the ASBJ. The process followed is the IASC Foundation official process, that is, the same process of translation and expert review as the Spanish; the only difference is that it is managed by the ASBJ.

With Japanese adoption of IFRS looming, 2009 was a busy year for Japanese translation. The 2009 Red Book translation was launched at the end of 2009 and the 2010 Red Book translation is currently in progress.

Along with translating the Red book, the ASBJ is also overseeing the production of the IFRS XBRL taxonomy labels. In conjunction with the FSA and XBRL Japan, the 2009 translation was released at the end of March 2010 and the 2010 translation will be underway soon. The ASBJ will also work with the JICPA to create a Japanese translation of the IFRS for SMEs.

2010 Translation Work Plan
Below please find a table detailing the languages for which there are active translation projects during 2010. Adoption refers to translation of the requirements only, to support national adoption. With active projects in 33 languages, 2010 will be a very productive year. It is also worth noting that this list does not include a number of languages that will be translated directly by the European Commission.

Languages IFRSs SMEs Adoption EDs XBRL SME Training
1. Albanian     checked      
2. Arabic checked checked     checked  
3. Armenian   checked checked      
4. Azeri     checked      
5. Belarusian     checked      
6. Bulgarian   checked        
7. Chinese Simplified checked checked     checked  
8. Chinese Traditional checked   checked   checked  
9. Croatian     checked      
10. Czech   checked        
11. Dutch         checked  
12. French* checked checked checked checked checked  
13. Georgian checked          
14. German* checked       checked  
15. Hebrew     checked      
16. Italian* checked checked     checked  
17.Japanese checked checked   checked checked  
18. Kazakh     checked      
19. Khmer   checked checked      
20. Korean checked   checked   checked  
21. Kyrgyz     checked      
22. Macedonian checked checked checked      
23. Mongolian checked          
24. Polish checked checked     checked  
25. Portuguese (Brazil) checked checked checked      
26. Romanian checked checked checked      
27 Russian checked checked checked     checked
28. Serbian checked checked checked      
29. Slovak checked          
30. Spanish* checked checked checked   checked checked
31. Tajik     checked      
32. Turkish checked checked checked      
33. Ukrainian checked checked checked      

* Spanish, French, Italian and German translations are directly managed by the IFRS Foundation translation team.
+ European languages covered by European adoption are not included in this list.

This list is constantly changing. We regularly receive enquiries and hear of needs for new translations of publications such as the XBRL taxonomy and the IFRS for SMEs. We want to hear from you too. If you know of translation needs or have a question, please don’t hesitate to contact us.

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Disclaimer: The content of this Update does not represent the views of the IASB or the IASC Foundation and is not an official endorsement of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of our knowledge.
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