International Financial Reporting Interpretations Committee
The International Financial Reporting Interpretations Committee ( IFRIC ) is a group within the International Accounting Standards Committee Foundation (IASCF). The IFRIC was founded in December 2001 as part of the reorganization of the IASC as the successor to the Standing Interpretations Committee. The group has 14 members. The IFRIC's task is to publish interpretations of IFRS and IAS accounting standards in cases where it becomes apparent that the standard can be interpreted differently or incorrectly, or new issues have not been adequately recognized in the previous standards.
The IFRIC works closely with the national standard setters, such as the German Accounting Standards Committee . It meets every six weeks and initially publishes the interpretations for public discussion as a draft.