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Who Promulgates IFRS?

December 7, 2008

Who promulgates IFRS and what do IFRS standards consist of?

International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board. IFRS pronouncements are interpreted by the International Financial Reporting Interpretations Committee (IFRIC). These are the only current IFRS standard setting bodies. Having said that, it is important to note that each of these had a predessesor. The predessesor to the IASB was the International Accounting Standards Committee or IASC. Their standards are known as International Accounting Standards or IAS’s. The predessessor to IFRIC was the Standards Interpretation Committee or SIC. Their interpretations are known as SIC’s.

Below is a graphic that describes the current structure of the IASB.

But what is it that makes up IFRS? The answer is the IFRS standards include IAS’s and IFRS’s and the interpretation of these consist of SIC’s and IFRIC’s. So IFRS includes all of these (IAS, IFRS, SIC & IFRIC)

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