Global Standards for the world economy

Tuesday 24 April 2018

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IFRS translation and Adoption

Translation and Adoption FAQs


We want to adopt IFRS (or IFRS for SMEs) – do we have to sign a contract with the IFRS Foundation?

If you are required by law to publish the text of IFRS in the Official Gazette or on an internet portal, you will need to sign a copyright waiver agreement with us.  This is because the Foundation owns the copyright to IFRS in all languages, and therefore any distribution or reproduction of IFRS must be covered by a licence agreement.

If you do not need to reproduce the text of IFRS in legislation (for example if you adopt by reference to IFRS), you will not need to sign a copyright waiver agreement with us.  However, you will need to consider how to make IFRS available to users in your jurisdiction, and you may want to contact us to discuss commercial print or online licence options.

See also further information on Adoption and copyright.

 

We want to adopt local standards that are based on IFRS but are not identical – do we need to sign a contract?

Yes.  This is because some IFRS copyright material is incorporated within your local standards, and therefore you will need to seek permission from the Foundation for its use and/or publication.  A licence for use agreement describing the terms of use, and the treatment of copyright of IFRS within the local standards will be necessary.  Distribution of the local standards will be restricted to your jurisdiction.

See also further information on Copyright licensing.

 

We need to translate IFRS (or local standards based on IFRS) into our local language – do we need to sign a contract?

The Foundation’s translation policy allows for only one official translation of IFRS in each language.  If an official translation already exists in your language, the Foundation will provide you with this translation when you sign a copyright waiver or licence for use agreement with us (see above).  If an official translation does not exist, the Foundation will license the appropriate organisation in your jurisdiction to create a translation following the Official Translation Process.  In this case we will need to sign a licence agreement with that organisation. 

See also further information on IFRS translations and Copyright licensing.

 

Do we have to pay a fee? 

If you need to sign a copyright waiver agreement with us in order to reproduce the text of IFRS in your legislation, or a licence for use agreement in order to reproduce the text of IFRS within your local standards, you will be asked to pay an annual fee.  This fee is minimal and is based on GDP.

If you decide to sign a commercial licence agreement with us in order to sell a print or online IFRS product, we will ask you to set a fair market price for your jurisdiction, and we will charge you a royalty fee on your gross sales price of 20% (print) or 50% (electronic). 

See also further information on Copyright licensing

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