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 Professional, public organisation of accountants and auditors Voluntary membership: Ordinary members - 29.000 Supporting members (firms) - 8.400 Since 1989 ordinary Member of IFAC

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

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

DUE PROCESS Translation process fully in line with the provisions of the Licence 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!

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

DUE PROCESS 2nd. stage - quality assurance External translators Internal IFRS AAP Cross readers cross reading IFRS Review Committee consultations (if needed)

DUE PROCESS 3rd. stage – editing AAP Printing house consistency, redrafting, double checking final book users

TIME SPLIT

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

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

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

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

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

Sales figures

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

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

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