IN THIS ISSUE:
1. Spanish Translation Highlights
2. Russian Translation Highlights
3. Additional Highlights from Q3 and Q4 of 2011
4. What to Watch for in Q1 and Q2 of 2012
5. Revised Guides from IFAC’s Small and Medium Practices (SMP) Committee
6. Translations and Permissions section of IFAC website
7. Request for Translation Proposals
8. Important Notes Regarding IFAC Translations: Adoption of Standards, Time Needed to Process Permission Requests, IAASB Handbook 2012
1. Spanish Translation Highlights
Pronouncements of the International Auditing and Assurance Standards Board (IAASB)
A single, Spanish translation of the International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1 of the IAASB (the Clarity Standards)—acceptable in Spain and throughout Spanish-speaking Latin America—was published in Spain in September 2011 and will be published in Latin America on approximately February 15, 2012.
This great achievement is the result of a project coordinated by IFAC and involving the joint Translating Bodies in Spain: Instituto de Censores Jurados de Cuentas de España (ICJCE) (IFAC member body) in cooperation with Instituto de Contabilidad y Auditoría de Cuentas (regulatory body).
The translated publication, the Handbook of International Standards on Auditing and Quality Control, includes an unofficial Table of Equivalencies showing differences between terminology used in Spain and that commonly used in Latin America. The translation has been reviewed by the Directorate General of Translations of the European Commission as well as by a Latin American Review Committee led by Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE). This Review Committee is comprised of representatives from IFAC member bodies in Bolivia, Chile, Colombia, Costa Rica, Mexico, Panama, Paraguay, and Uruguay, as well as other key stakeholders.
The translation was published in Spain by ICJCE and will be published in Latin America by FACPCE (Argentina). Contact ICJCE at auditoria@icjce.es or FACPCE at facpce@facpce.org.ar to purchase printed copies of the translated Handbook.
Pronouncements of the International Public Sector Accounting Standards Board (IPSASB)
IFAC and the World Bank have partnered to perform the Spanish translation of the IPSASB’s 2011 Handbook of International Public Sector Accounting Pronouncements. The translation is being performed by a translating team at the University of Zaragoza, Spain, and reviewed by a multi-jurisdictional review committee with members representing Argentina, Chile, Mexico, Spain, and Uruguay. This Spanish-language translation is funded by the contribution of the government of Spain through the Spanish Fund for Latin America and the Caribbean.
The translation and review were completed in Q4 2011, and the translation is expected to be published on the IFAC website in Q1 2012. A separate Spanish translation of IPSASB’s Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities, has also been performed with funding from the Spanish government and has been posted on the IFAC website.
Other Multi-jurisdictional Spanish Translation Activities
IFAC member bodies are working together on a number of other related projects. A cooperation agreement was recently signed between ICJCE, FACPCE, and Instituto Mexicano de Contadores Públicos (IMCP) to publish a single, Spanish translation of the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants. The final translation is expected to be published on the IFAC website in early 2012.
A draft memorandum of understanding among these three IFAC member bodies has also been prepared with the objective of collaborating to achieve longer-term sustainable processes for a single, Spanish-language translation of the international standards and other IFAC publications.
2. Russian Translation Highlights
Over 60 representatives from 12 Commonwealth of Independent States (CIS) and Baltic countries met with leadership and staff of the IAASB, the International Accounting Standards Board (IASB), and IFAC in London to discuss the adoption and implementation of ISAs and International Financial Reporting Standards (IFRSs). The need for timely Russian-language translations and sustainable processes were prominent meeting discussion themes.
The successful event was attended by representatives from Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. Delegates included IFAC member bodies and associates, professional accountancy organizations, national standard setters, ministries of finance, regulators and securities market authorities, national banks, donor organizations, and other key stakeholders.
IFAC’s member body, the Russian Collegium of Auditors (RCA), is presently in the process of performing a Russian translation of the Clarity Standards. This project will involve a two-part review committee (Russia and other Russian-speaking countries) and the result is expected to be a single, Russian translation that will be widely acceptable in Russia and throughout the Russian-speaking region. In addition, the Chamber of Auditors of the Republic of Kazakhstan has carried out Russian-language translations of the International Standards on Review Engagements, International Standards on Assurance Engagements, and International Standards on Related Services, completing the set of IAASB pronouncements available in Russian.
The Russian translation of the 2010 Handbook of the Code of Ethics for Professional Accountants was performed by the Siberian Academy of Finance and Banking, reviewed by RCA, and published in Q4 2011.
3. Additional Highlights from Q3 and Q4 of 2011
In addition to the Spanish and Russian translations noted above, we are pleased to note that the French translation of the Guide to Quality Control for Small and Medium-Sized Practices, Third Edition was completed by CGA-Canada and published in Q4 2011.
During the period, numerous other translations were finalized and a number of new translations have been commenced. Please see the IFAC Translations Database for more details.
We welcome your feedback about the database and would especially appreciate being informed if any of the information contained therein is inaccurate or in need of updating.
4. What to Watch for in Q1 and Q2 of 2012
• Arabic, Russian, and Spanish translations of the Handbook of International Public Sector Accounting Pronouncements – 2011 Edition
• Arabic translations of:
o Guide to Quality Control for Small and Medium-Sized Practices (QC Guide) - Third Edition
o Establishing and Developing a Professional Accountancy Body (PAODC Toolkit) - 2011 Edition
• Chinese translations of:
o Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2010 Edition
o Handbook of the Code of Ethics for Professional Accountants - 2010 Edition
o Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide) - Second Edition
o QC Guide - Second Edition
o Guide to Practice Management for Small- and Medium-Sized Practices (PM Guide)
• Spanish translations of:
o The Code of Ethics for Professional Accountants (revised 2009)
o ISA Guide - Third Edition
o QC Guide - Third Edition
o PM Guide - Second Edition
5. Revised Guides from IFAC’s Small and Medium Practices (SMP) Committee
During 2011, the SMP Committee revised the Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Guide to Quality Control for Small and Medium-Sized Practices, and Guide to Practice Management for Small- and Medium-Sized Practices. These updated editions include some enhanced content as well as editorial changes. Translating bodies wishing to update existing translations, or perform new translations, should contact permissions@ifac.org.
6. Translations and Permissions section of the IFAC website
The Translations and Permissions section of the IFAC website has been updated. The Frequently Asked Questions document for translations and permissions is now easier to locate and includes expanded content.
A new addition to the Publications and Resources section of the website is multi-language filter functionality to allow users to more easily locate translations of IFAC publications. We encourage readers to visit the website, and we welcome any comments you may have.
7. Request for Translation Proposals
IFAC would especially welcome translation proposals for French translations of the Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition and Guide to Practice Management for Small- and Medium-Sized Practices, Second Edition.
We would also welcome requests to translate the exposure drafts issued by IFAC’s independent standard-setting boards in order to encourage wider international participation in the standard-setting process.
8. Important Notes Regarding IFAC Translations: Adoption of Standards, Time Needed to Process Permission Requests, IAASB Handbook 2012
The pace of activities related to adoption and implementation of international standards is increasing around the world. Consequently, additional information has been included on the IFAC website in regard to procedures for requesting permission to reproduce, adapt, or translate the international standards, including relevant policy statements, permission request forms, and information about the time necessary to process and prepare related reproduction or translation agreements.
For the many translating bodies wishing to translate the upcoming 2012 edition of the IAASB Handbook, it is expected that this Handbook will be issued in April or May 2012, subsequent to which time IFAC would be pleased to receive translation permission requests and facilitate such translations.