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IFRIC, What is this now
 
Hi
thanks for helping again and again.
there are IAS then IFRS but what is IFRIC now. are these also part of standards or new standards. i am very confused about them
 
IFRIC to make us Sick... isnt it... changes...IAS, IFRS, IFRIS and one more SIC
and intrestengly there is also a GAAP for nearly every country
 
These are interpretation of IFRS and IAS originating from the International Financial Reporting Interpretations Committee (IFRIC). All of these are issued after 2001.
 
ok. can you please tell me how many IAS, IFRS and IFRIC are issued uptill now.
 
there are some IAS which are over taken by other IAS and IFRS. There are currently 8 IFRS, 29 IASs, 16 IFRICs and 11 SICs
 
Is it possible that IAASB first issue IFRIC & SIC, when they got feedback on the same and the content become mature enough then it must be time to convert them into IFRS? currently IFRS have such a huge volume and even then why IFRICs are needed?
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