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IASB, IFAC to Translate Int'l Accounting Standards

NEW YORK, Aug. 23, 2002 The International Accounting Standards Board and the Public Sector Committee of the International Federation of Accountants announced they 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.

“Translation of the IPSASs into different languages is essential to ensure that these standards are available to public sector entities around the world,” said Ian Mackintosh, PSC Chairman.

Kurt Ramin, IASB Commercial Director, said the IASB is experienced at translating the international accounting standards on which many of the IPSASs are based.

The first 18 IPSASs will be translated to French and Spanish through the IASB process and are expected to be available by the first quarter of 2003. The IPSASs may also be translated into other languages as resources permit.

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