IFRS Translations Update
From the IFRS Foundation

March 2013
Welcome to the IFRS Translations Update

Welcome to Translations Update, a quarterly roundup of news and information for the IFRS translation community.

What’s new in this issue:


Contact us

For any questions or comments please contact either:

Leilani Macdonald
Manager, IFRS Translation, Adoption & Copyright Team

Nicole Johnson
Content Services Principal
Translation Alerts

If you want to be kept informed about Translations news and receive future alerts, you can subscribe to the IFRS Translations Alert here.

New Name for Translations Team
The IFRS Foundation Translations team recently became the Translation, Adoption & Copyright team, to reflect the work the team does on supporting countries who are adopting IFRS, and on licensing our translations to other organisations for commercial and non-commercial purposes.

Adoption and Translation news

Colombia: the IFRS Foundation has signed a Copyright Waiver Agreement with the INCP (National Institute of Public Accountants) for IFRSs and the IFRS for SMEs. Because of the complicated Colombian legal framework, we have worked with several key institutions in Colombia, including the Ministry of Commerce, Industry and Tourism and the Accountant General’s Office, to create a unique solution that has allowed them to adopt the standards and sign the waiver agreement with us within their legal framework. Colombia has adopted the official International Spanish translation of IFRSs into its national law.

Taiwan: the Foundation signed a Copyright Waiver Agreement with the Financial Supervisory Commission (FSC) in 2009. The Accounting Research and Development Foundation (ARDF) carries out the translation into Traditional Chinese and co-ordinates the review. ARDF completed translation of the 2012 Red Book in Q4 2012, and from February 2013 they are commencing translation of new and revised Standards issued by the IASB.

Uzbekistan: the Foundation has signed a Copyright Waiver Agreement with the Central Bank of the Republic of Uzbekistan, the Ministry of Finance of the Republic of Uzbekistan, and the National Association of Accountants and Auditors of Uzbekistan (NAAAUz). NAAAUz is co-ordinating the translation of IFRSs into Uzbek.

What is a Copyright Waiver Agreement?

Signing a Copyright Waiver Agreement is an essential part of adopting IFRSs, where there is a legal requirement to reproduce the IFRSs in legislation, for example, in an official gazette. The agreement is necessary, because the IFRS Foundation owns the copyright to IFRSs, and allows the IFRSs requirements to be translated and published as part of legislation, with no copyright restrictions within that jurisdiction. Signing the agreement is the legal formality required to permit IFRSs to be translated and published as part of legislation. The agreement also sets out the official translation process to be followed.

2012 IFRS Taxonomy Translations

Now that the Hungarian version has recently been released, the IFRS Taxonomy 2012, which represents the IFRSs in XBRL format, is now available in six languages: Arabic, Hungarian, Japanese, Korean, Spanish and Ukrainian. Previous versions of the IFRS taxonomy are also available in Chinese (Simplified and Traditional), Dutch, French, German, Italian and Portuguese.

XBRL (eXtensible Business Reporting Language) is a digital ‘language’ that was developed to provide a common, electronic format for business and financial reporting. With XBRL, business concepts are tagged in such a way that they are equivalent whatever the language, making it easier to swap from one language to another.

More details about the IFRS taxonomy and XBRL are available here.

More details about the available IFRS translations are available here.

Recently Published and Forthcoming Translations

Since our last newsletter, the following translations have become available:

2012 Red Book: Arabic, Brazilian Portuguese, Japanese, Traditional Chinese
2012 Requirements*: Hebrew, Kazakh
New and revised Standards issued in 2012: French (Requirements*), Hebrew, Russian, Simplified Chinese (selected Standards), Spanish
2012 XBRL taxonomy: Arabic, Hungarian, Korean, Ukrainian
IFRS for SMEs: Estonian, German, Khmer, Ukrainian

There are a number of translations in progress:

2012 Red Book: Bulgarian
2012 Requirements*: Armenian, Russian, Turkmen, Ukrainian
IFRS for SMEs training modules: Arabic, Spanish
2011 Requirements*: Khmer, Mongolian,
2012 XBRL taxonomy: Arabic, Hungarian, Korean, Ukrainian
Exposure Drafts are regularly translated into French and Japanese

*‘Requirements’ refers to the text used for the adoption of IFRSs into law, and does not include the accompanying material such as the Bases for Conclusions and Implementation Guidance.

For more detailed information on translations, please refer to the Available Translations page on our website, and the work plan below.

2013 Translation work plan

Below please find a table detailing the languages and translations that we expect to take place in 2013.

Languages Full IFRSs Adoption—translation of Requirements+ SMEs‡ EDs XBRL SME Training
1. Albanian   checked        
2. Arabic checked checked     checked checked
3. Azeri   checked        
4. Belarusian   checked        
5. Bosnian            
6. Bulgarian checked          
7. Chinese Traditional checked checked   checked    
8. Croatian   checked        
9. Finnish   checked        
10. French   checked   checked    
11. Georgian   checked checked      
12. Hebrew   checked        
13. Hungarian         checked  
14.Japanese checked     checked checked  
15. Kazakh   checked        
16. Khmer   checked        
17. Korean checked checked     checked  
18. Kyrgyz   checked checked      
19. Macedonian   checked        
20. Mongolian   checked        
21. Polish checked          
22. Portuguese (Brazil) checked checked       checked
23. Romanian checked checked        
24. Russian   checked        
25. Spanish* checked checked     checked checked
26. Tajik   checked        
27. Turkmen   checked checked      
28. Ukrainian checked checked     checked  
29. Uzbek   checked        

* French and Spanish translations are directly managed by the IFRS Foundation Translation, Adoption & Copyright team.
+ Languages adopted by the EU are not included in this list.

‡ Translations of IFRS for SMEs that were completed prior to January 2013 have not been included (eg Albanian, Arabic, Bosnian, Brazilian Portuguese, Croatian, Czech, French, Italian, Japanese, Kazakh, Khmer, Lithuanian, Macedonian, Mongolian, Polish, Romanian, Serbian, Spanish, Simplified Chinese).

This list is constantly changing. We regularly receive enquiries and hear of the need for new translations such as the XBRL Taxonomy and the IFRS for SMEs. We wish to hear from you too. If you know of translation needs or have a question, please do not hesitate to contact us.

Translations Update online

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

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Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS 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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