International standards that are open and of the highest caliber are developed, adopted, and implemented in large part thanks to the International Federation of Accountants (IFAC). Professional accountants apply these standards for audit and assurance, ethics and independence, education, and public sector accounting, and they act as a crucial pillar in the world’s financial architecture.
The World Bank, an organisation that helps governments in developing nations with financing, policy recommendations, and technical assistance, recently provided a sizeable financial contribution to increase the accessibility of several publications in Spanish and French. With this sponsorship, these publications are more widely accessible to IFAC’s worldwide audience and its stakeholders, which supports better economic development, growth, and accountability.
One of the main barriers to the successful adoption and implementation of international standards in countries where English is not an official or business language is the lack of translations available in local languages. IFAC takes proactive measures to address this issue by working with member organisations to make use of their technical know-how to give translation support and by interacting with funders to aid in the translation process.
IFAC CEO Kevin Dancey said, “IFAC thanks the World Bank and our member organizations for their generous financial support in expanding the accessibility of multilingual materials. Your invaluable contribution has made a profound impact on our efforts to foster the adoption and implementation of international standards on a global scale. Consequently, this will pave the way for driving progress, bolstering economic stability, and ensuring responsible financial practices worldwide.”