ACCA Applied Knowledge · Financial Accounting · The regulatory framework
What is the main purpose of the IFRS Interpretations Committee?
The IFRS Interpretations Committee provides timely guidance on newly identified financial reporting issues that existing IFRS Accounting Standards do not specifically address, helping to avoid divergent practice. It does not write new standards, set budgets, or audit financial statements.
- ATo develop new standards on emerging topics from scratch
- BTo approve the budget of the IFRS Foundation
- CTo provide timely guidance on newly identified financial reporting issues not specifically addressed in IFRSCorrect
- DTo audit the financial statements of listed groups
Explanation
The Interpretations Committee addresses issues arising in applying existing standards where divergent practice may develop, and issues guidance or refers matters to the IASB. New standards are the IASB's role, budgets are for the Trustees, and auditing is by external auditors.
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