IFAC Commits to Translating Public Sector Accounting Standards With IASB

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Furthering its efforts to improve financial reporting by governments worldwide, the International Accounting Standards Board (IASB) and the Public Sector Committee (PSC) of the International Federation of Accountants (IFAC) will work together to translate the accrual basis International Public Sector Accounting Standards (IPSASs) into languages other than English. These IPSASs are based on International Accounting Standards (IASs) to the extent that the requirements of those IASs are applicable to the public sector.

“We are very grateful that the IASB has agreed to assist in translating the IPSASs. Translation of the IPSASs into different languages is essential to ensure that these standards are available to public sector entities around the world. This arrangement will enable the PSC to leverage the experience the IASB has gained in translating IASs and will ensure that the translations will be of a consistently high quality and prepared on a cost- efficient basis,” said Ian Mackintosh, PSC Chairman.

“It is important that translations of international accounting standards, whether for the private or the public sectors, are of a consistently high quality. The IASB has expertise in translating the IASs on which many of the IPSASs are based, and the operational processes to deliver high quality translations in a timely manner. We are pleased to assist the Public Sector Committee in the translation process, thus helping them accomplish their important mission of improving governmental accountability,” said Kurt Ramin, IASB Commercial Director.

The PSC has commissioned the translation of the first 18 IPSASs into French and Spanish through the IASB process. It is anticipated that the translated IPSASs will be available by the first quarter of 2003. The IPSASs may also be translated into other languages as resources permit. The PSC encourages professional bodies and other organizations contemplating translation of IPSASs to consider application of the IASB process to their translation. For more information about the IASB translation process, contact Kurt Ramin at the IASB ([email protected]).

IFAC is the worldwide organization for the accountancy profession. Its mission is to develop and enhance the profession to enable it to provide services of consistently high quality in the public interest. Its current membership consists of 156 professional accountancy bodies in 114 countries, representing more than two million accountants in public practice, education, government service, industry and commerce.

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