Sample Essay

Accountants around the world especially in the United States of America have been analyzing ways to converge standards of several standard setting bodies. The International Financial Reporting Interpretations Committee – IFRIC has been established by the International Accounting Standards Board – IASB to address financial reporting problems in newer standards and review problems arising out of varying interpretations of standards and apply a single interpretation to achieve a common treatment of accounting transactions throughout the world. A recent article in the Journal of Accountancy describes the importance, features, functions, due process and relationships with standard setting bodies.

The IFRIC is quite important as standard setting bodies find it difficult to achieve a consensus on interpretations of several standards. Although the Financial Accounting Standards Board has established Emerging Issues Task Force – EITF but the IFRIC deals only with general issues related to interpretations whereas the scope of EITF is much broader as it also deals with implementation and application issues in addition to interpretation problems. IFRIC deals primarily with recent accounting and financial reporting issues and conflicts in interpretation of standards. The committee comprises of 14 voting members who have excellent knowledge, skill and expertise in interpretation of accounting standards in the global context.

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