About the IFRS Interpretations Committee
The IFRS Interpretations Committee is the interpretative body of the IFRS Foundation.
Its mandate is to review on a timely basis widespread accounting issues that have arisen within the context of current International Financial Reporting Standards (IFRSs). The work of the Interpretations Committee is aimed at reaching consensus on the appropriate accounting treatment ( IFRIC Interpretations) and providing authoritative guidance on those issues.
In developing interpretations, the Interpretations Committee works closely with similar national committees. The interpretations cover both:
- newly identified financial reporting issues not specifically dealt with in IFRSs; and
- issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance
The Interpretations Committee comprises 14 voting members drawn from a variety of countries and professional backgrounds. They are appointed by the Trustees of the IFRS Foundation and are selected for their ability to maintain an awareness of current issues as they arise and the technical ability to resolve them.
IFRIC interpretations are subject to IASB approval and have the same authority as a standard issued by the IASB.