International Financial Reporting Interpretations Committee

= IFRIC

A committee that assists the International Accounting Standards Board (IASB) by providing guidance on the application and interpretation of International Financial Reporting Standards. Its members are appointed by the trustees of the International Accounting Standards Committee Foundation. The committee assists the IASB by working with similar interpretative groups sponsored by national standard-setters. Before December 2001, the Standard Interpretations Committee (SIC) was the IASB's interpretative body. In that month the SIC was reconstituted as IFRIC with the following specified duties:

• to interpret the application of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), to provide timely guidance on financial reporting issues not specifically addressed in IASs and IFRSs, and to undertake other tasks at the request of the IASB;

• to carry out these duties with regard to the IASB's objective of working actively with national standard setters to bring about convergence of national accounting standards;

• publish, after clearance by the IASB, draft Interpretations for public comment and consider comments made within a reasonable period before finalising an Interpretation;

• report to the IASB and obtain its approval for final Interpretations.

See feature INTERNATIONAL STANDARD SETTERS on pp. 226–227.