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What is the main function of the financial reporting interpretations committee?
Financial accounting reports to the public in financial statements according to GAAP standards while managerial accounting is used inside the company for strategic purposes.
Expert answered|ttcany|Points 937|
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Asked 1/8/2010 9:20:49 AM
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what is the main function of the reporting interpretations committe?
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Updated 2/16/2010 2:53:12 PM
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The International Financial Reporting Interpretations Committee interprets the application of International Financial Reporting Standards (IFRSs) and provides timely guidance on financial reporting issues not specifically addressed in IFRSs or IASs, in the context of the IASB's framework, and undertakes other tasks at the request of the Board. IFRIC publishes draft Interpretations for public comment and considers comments made before finalising an Interpretation. When the IFRIC has reached a consensus on a final Interpretation, the Interpretation is submitted to the IASB Board for approval.
Added 2/16/2010 2:53:12 PM
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