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The procedures of the Chamber of Financial Auditors of translating the standards published by the International Federation of Accountants

In the Official Journal of Romania, Part I, no. 299 from 30th April 2015 has been published the Council Decision of the Chamber of Financial Auditors from Romania no. 22/2015 regarding the approval of the procedures of the Chamber of Financial Auditors of Romania in the matter of translating the standards published by the International Federation of Accountants.

The Chamber of Financial Auditors from Romania, as a member of the International Federation of Accountants (IFAC), has the obligation to promote, and implicitly, to inform its members about International Standards released by the IAASB (International Auditing and Assurance Standards Board) and IESBA (International Ethics Standards Board for Accountants).

The steps of the process are the following:

  • The revisal of the standards;
  • The translation of the standards;
  • The translation of the key words and sending them to the IFAC;
  • The signing of the translation agreement with the IFAC;
  • The sending to the IFAC, in a written form, of a permission demand and translation proposal;
  • The approval in the Council of the Chamber of the initiation of the translation procedure;
  • The approval of the translated standards( their agreement with the IFAC, before publication);
  • The drafting of the decision of enactment of the translated standards, its approval by the Council of the Chamber, and sending it to be approved by the Council for supervision in public interest of the accounting profession;
  • After being approved by the council for supervision in public interest of the accounting profession, this decision will be published in the Official Journal of Romania, Part I, under the custody of the Chamber.

The translation process of the published standards by the IFAC will imply: a principal translator, a committee of translation, a revisal committee, the staff of the IFAC.

The principal translator, the members of the translation committee and of the revisal committee, are approved by the Council of the Chamber, which will also establish the salary of the implied persons.

:: The Source: JURIDICE.ro 

Raluca-Andreea TRÎNCĂ-GĂVAN

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