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REPARIS WORKSHOPS

REPARIS WORKSHOPS. IFRS Translation: From pre- to post-accession National Board of Chartered Accountants Association of Poland Agnieszka Ostaszewicz – Director Tuesday 14 March 2006. ACCOUNTANTS ASSOCIATION IN POLAND – (1907-2006). Accountants Assocation in Poland. Founded in 1907

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REPARIS WORKSHOPS

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  1. REPARIS WORKSHOPS IFRS Translation: From pre- to post-accession National Board of Chartered Accountants Association of Poland Agnieszka Ostaszewicz – Director Tuesday 14 March 2006

  2. ACCOUNTANTS ASSOCIATION IN POLAND – (1907-2006)

  3. Accountants Assocation in Poland • Founded in 1907 • Professional, public organisation of accountants and auditors • Voluntary membership: Ordinary members - 29.000 Supporting members (firms) -8.400 • Since 1989 ordinary Member of IFAC

  4. Accountancy profession Statutory auditors: 7.547 Accountants authorised by the Minister of Finance to provide bookkeeping services to 3rd parties:11.799 Others : vast majority of accountants employed in industry, commerce and academia

  5. Translations - historical overview • Early 90-ies – unofficial translations of individual standards published in the periodic Bulletin addressed to the members of the NBCCA • 1994 - first unofficial translation of the Bound Volume • 1999 - first official translation of the BV. • 2001 - next official translation of the BV. • 2004 - last official translation of the BV. • 2006 - Annex to the 2004 BV to be issued

  6. DUE PROCESS Translation process fully in line with the provisions of theLicence Agreement and IASCF translation policy Translation of the 2004 Bound Volume: Translators: 7 (3 teams) Review Committee: 20 (2-Min.of Fin., 5 - National Standards Setter, 3 – AAP, 7 - Practitioners, 1 – NBP, 1 – SEC, 1- Insurance Supervisor). Out of 20 – 7 are current or past academic lecturers. Cross-readers: external (4), internal (3) Managerial aspects: securing and overviewing due process (2), contract service (1) Alltogether: 36 people involved (5 AAP in-house employees) TRADOS software used for the first time!

  7. Internal translators IFRS agreement AAP IASB IFRS External translators key terms consultation Review Committee DUE PROCESS 1st. stage - translation

  8. Internal translators External translators consultations (if needed) Review Committee DUE PROCESS2nd. stage - quality assurance IFRS AAP Cross readers cross reading IFRS

  9. consistency, redrafting, double checking DUE PROCESS3rd. stage – editing AAP Printing house final book users

  10. TIME SPLIT

  11. TIME EFFECTIVNESS (project in months) (year of edition)

  12. EU Files • Joint meeting of IASCF, Polish government and AAP’s representatives arranged in Warsawv – to discuss Polish EU files preparation (beginning 2004) • Process managed by AAP in close cooperation with IASCF Publication Staff

  13. EU Files –cntd • On-time delivery of translated materials as specified by the Regulation (EC) 1725/2003 • Avoiding confusing solutions • Consistency between the commercial and official version of the standards

  14. Follow-up • Invitation to make any direct comments on the correctness and quality of translations by regulators, banks, universities, other interested parties. • Technical specialists involved into the translation: i.e. agriculture, insurance

  15. Response to the market needs • Confidence building process- good brand name associated with the AAP as a translator of technical publications • Internal facilities: printing and in-house technical staff • Dissemination and promotion of BV through training • Country-wide distribution by means of the network of the regional and local branches of AAP

  16. Sales figures

  17. Linguistic issues • Shall/should significance • Uncertainty about the use of the Present Tense • Governance issues (different systems) • Polish terminology building, e.g. fair value, stakehoders, terminology related to financial instruments („out of the money put option”, „stepped interest”, „kicked equity”) • Dilema on quoting original English terms • Controversial issues • Context translations • Conjugation and declination issues

  18. International Standards on Auditing • First ISA Edition - 1996 • 2001 Edition • 2005 Edition – issued together with the National Chamber of Statutory Auditors

  19. Thank You Agnieszka Ostaszewicz: Accountants Association in Poland tel: +48 22 622-77-39 www.skwp.org.pl email: agnieszka.ostaszewicz@skwp.org.pl

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