IFRS and accounting terminology in Spanish: a convergence process?
DOI:
https://doi.org/10.17533/udea.rc.n81a03Keywords:
IFRS, Latin America, Spanish-speaking countries, translation, adoption, standardsAbstract
Since the 1990s, the IFRS Foundation has produced and published Spanish translations of the
International Financial Reporting Standards (IFRS). Although translating accounting texts from English into
other languages can be challenging, the translation process has attempted to use terminology and expressions that
can be understood in the twenty participating countries. This has not been an easy task. Thanks to the combined
efforts of the translation coordinator, a specialized team of translators, and a Translation Review Committee,
accounting professionals in Spanish-speaking countries from Mexico to Chile, including Spain and Equatorial
Guinea, use an increasingly common language to prepare financial statements under IFRS (or IFRS for SMEs),
or under local standards influenced by them. Translations have also been promoted by intergovernmental bodies
such as the World Bank and the International Monetary Fund. Although this approach implies a relative loss of
sovereignty for the countries’ governments and professional organizations, it should be regarded as exemplary
because of the number of countries involved, its effects on cross-border investment, and its potential for regional
integration among these countries.
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