What group is responsible for translating International Financial Reporting Standards into languages other than the official language of the IASB?

Question

Quizplus · Accepted Answer

The national accountancy bodies of individual countries are responsible for translating International Financial Reporting Standards (IFRS) into languages other than the official language of the International Accounting Standards Board (IASB). This is because the IFRS are not laws, and each country has the discretion to adopt them or not, so translations are often necessary to facilitate adoption and use in local contexts. The IASB is responsible for setting the IFRS, while the International Accounting Standards Committee Foundation oversees its operations, but neither is directly responsible for translations. The United Nations is also not involved in this process.

What Group Is Responsible for Translating International Financial Reporting Standards