The term IFRIC stands for the International Financial Reporting Interpretations Committee, which is responsible for developing interpretive guidance on accounting issues under the International Financial Reporting Standards (IFRS).
The International Financial Reporting Interpretations Committee (IFRIC) assists the International Accounting Standards Board (IASB) by providing guidance on the application and interpretation of International Financial Reporting Standards (IFRS).
The Standard Interpretations Committee (SIC), now known as the International Financial Reporting Interpretations Committee (IFRIC), was established by the International Accounting Standards Committee (IASC) to provide interpretations of International Financial Reporting Standards (IFRS). These interpretations aimed to standardize the application of accounting standards across various regions and industries.
The Standard Interpretations Committee (SIC), also known as the IFRIC (International Financial Reporting Interpretations Committee), develops interpretations of accounting standards to address issues that are not specifically covered in International Financial Reporting Standards (IFRS).
