The LDS Church has adopted the King James Version as the translation to be used in worship services and personal study. The reason for this has in part to do with the poetic nature of 17th century writing, but more to the point the KJV ". . . doctrinally more accurate than these recent versions. The newer versions are in many instances easier to read, but are in some passages doctrinally weaker in their presentation of the gospel." LDS Bible Dictionary, entry on "Bible".
According to the 8th Article of Faith "We believe the Bible to be the word of God as far as it is translated correctly". The Bible is considered as a correct book, but contains passages either translated incorrectly and/or interpreted incorrectly. The most important aid to Latter-Day Saints when reading the Bible, and any other Scriptures is the guidance of the Holy Ghost.
"Verily, thus saith the Lord unto you concerning the Apocrypha — There are many things contained therein that are true, and it is mostly translated correctly; There are many things contained therein that are not true, which are interpolations by the hands of men. Verily, I say unto you, that it is not needful that the Apocrypha should be translated. Therefore, whoso readeth it, let him understand, for the Spirit manifesteth truth; And whoso is enlightened by the Spirit shall obtain benefit And whoso receiveth not by the Spirit, cannot be benefited. Therefore it is not needful that it should be translated. Amen." D&C 91:1-6