What is International Financial Reporting Interpretation Committee?

What is International Financial Reporting Interpretation Committee?

About the IFRS Interpretations Committee The IFRS Interpretations Committee (Interpretations Committee) is the interpretative body of the International Accounting Standards Board (Board). The Interpretations Committee works with the Board in supporting the application of IFRS Standards.

How many Ifric do we have?

17 IFRICs
As of May 2009, IFRS consists of eight IFRS, 17 IFRICs, all or part of 29 IASs (which were originally issued by the International Accounting Standards Committee (IASC) and later adopted by the IASB), and 11 SICs (which were originally issued by the IASC’s Standing Interpretations Committee).

Is Ifric 11 still applicable?

IFRIC 11 is effective for annual periods beginning on or after 1 March 2007. Earlier application is permitted.

What IAS Plus?

Deloitte network’s IAS Plus (www.iasplus.com) is one of the most comprehensive sources of global financial reporting news on the Web. It is a central repository for information about International Financial Reporting Standards (IFRSs), as well as the activities of the International Accounting Standards Board (IASB).

Is Treasury share an equity instrument?

Such reacquired equity instruments are frequently referred to as treasury shares. SIC-16 states that treasury shares should be presented in the balance sheet as a deduction from equity, and the acquisition of treasury shares should be presented in the financial statements as a change in equity.

What is difference between IFRS and GAAP?

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

Which are the core focus of IFRS?

Its principal objectives are: to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS Standards) based upon clearly articulated principles.