Role of the IFRS Foundation in the translation process
Translations of IFRS are initiated by the Foundation’s Translation, Adoption & Copyright (‘TAC’) team in response to requests from jurisdictions adopting or developing an interest in IFRS.
Each language is assigned a TAC Project Manager who acts as key support and contact.
The role of the TAC team in the translation process includes:
- reviewing and approving the composition of the review committee to ensure an appropriate balance of perspectives, and designating one person as the co-ordinator of the review committee;
- reviewing regularly, and in a timely manner, together with the co-ordinator, the review committee’s process;
- providing files for translation or review and relevant reference material as appropriate;
- monitoring the effectiveness of the review committee;
- liaising with IASB technical staff regarding the meaning of the English text; and
- providing advice on translation best practice and support for Computer-Assisted Translation (‘CAT’) software.