Explain the role of the international financial Reporting Interpretations

Committee.

Role of International Financial Reporting Committee is described as follows:-

It is the interpretative body of the IFRS foundation. It reviews the accounting issues
across the world on a timely basis and provides authoritative guidance on those issues.
The Issues covered may be:-

1. New issues not dealt with IFRS

2. Issues developed in the absence of authoritative guidance and where

unsatisfactory or conflicting interpretations have been developed.

Members of Interpretations committee have the technical ability to resolve them.