Due Process Handbook for the IFRIC BV2009

Due Process Handbook for the IFRIC BV2009 - IFRIC Due...

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IFRIC Due Process Handbook International Accounting Standards Committee Foundation Due Process Handbook for the International Financial Reporting Interpretations Committee (IFRIC) Approved by the Trustees January 2007 © IASCF 1
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IFRIC Due Process Handbook C ONTENTS paragraphs DUE PROCESS OF THE INTERNATIONAL FINANCIAL REPORTING INTERPRETATIONS COMMITTEE Introduction 1–4 Responsibilities of the IFRIC and scope of its work 5–9 Membership 10–16 Due process 17–43 Stage 1: Identification of issues 18–22 Stage 2: Setting the agenda 23–27 Stage 3: IFRIC meetings and voting 28–32 Stage 4: Development of a draft Interpretation 33–35 Stage 5: The IASB’s role in the release of a draft Interpretation 36–38 Stage 6: Comment period and deliberation 39–41 Stage 7: The IASB’s role in an Interpretation 42–43 Authority of IFRIC Interpretations 44–46 Communication 47–49 Relationship with national standard-setters and national interpretative groups 50–51 Appendix A The IASB’s due process – extracts from the Constitution Appendix B Template for submission of a potential agenda item request to the IFRIC 2 © IASCF
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IFRIC Due Process Handbook DUE PROCESS HANDBOOK International Financial Reporting Interpretations Committee Introduction 1 The International Financial Reporting Interpretations Committee (IFRIC) assists the International Accounting Standards Board (IASB) in improving financial reporting through timely identification, discussion and resolution of financial reporting issues within the framework of International Financial Reporting Standards (IFRSs). The IFRIC was established in March 2002 by the Trustees of the International Accounting Standards Committee (IASC) Foundation, when it replaced the previous interpretations committee, the Standing Interpretations Committee. 2 This Handbook was published in draft for public comment in May 2006. It is based on the existing framework of the due process laid out in the Constitution of the IASC Foundation (see Appendix A) and the Preface to International Financial Reporting Interpretations issued by the IASB. It reflects the public consultation conducted in 2005 and 2006, and supersedes the Preface to International Financial Reporting Interpretations . 3 The Trustees of the IASC Foundation have set up a committee—the Trustees’ Procedures Committee—with the task of regularly reviewing and, if necessary, amending the procedures of due process in the light of experience and comments from the IFRIC, the IASB and constituents. 4 The Trustees have approved this Handbook following public consultation and public debate by the IFRIC, the IASB and the Trustees. Responsibilities of the IFRIC and scope of its work 5 In the context of its requirements for due process, the IFRIC reviews newly identified financial reporting issues not specifically addressed in IFRSs or issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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Due Process Handbook for the IFRIC BV2009 - IFRIC Due...

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