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The IFRS Interpretations Committee

IFRS Int Comm

Interpretations of IASs and IFRSs are developed by the IFRS Interpretations Committee*. The Interpretations Committee replaced the former Standing Interpretations Committee (SIC) in March 2002. The Interpretations Committee's mission (from the IASCF Constitution) is "to interpret the application of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) and provide timely guidance on financial reporting issues not specifically addressed in IASs and IFRSs, in the context of the IASB Framework, and undertake other tasks at the request of the IASB".

*At their meeting in January 2010, the IASCF Trustees voted to rename the International Financial Reporting Interpretations Committee (IFRIC) to the IFRS Interpretations Committee. The name change is being implemented as of 31 March 2010.

  • Development and Approval of Interpretations. Interpretations are developed by the Interpretations Committee, exposed for public comment (these are called Draft Interpretations and numbered D1, D2, etc.), approved by IFRIC, and then sent to the IASB Board for review and approval as Final Interpretations. At the IFRIC level, consensus is reached if not more than three of the 14 Interpretations Committee members object to a draft Interpretation or final Interpretation. At the Board level, the same vote is required as for a Standard, which is 9 of the 14 Board members.
  • Authority of Interpretations. Interpretations are part of IASB's authoritative literature (see IAS 1, Presentation of Financial Statements). Therefore, financial statements may not be described as complying with International Financial Reporting Standards unless they comply with all the requirements of each applicable Standard and each applicable Interpretation.
  • How to Obtain. The IASB does not publish printed copies of individual Interpretations or draft Interpretations. Final Interpretations are included in the IASB's annual bound volume of standards, and in the IASB's eIFRSs. Draft Interpretations are available in electronic form on the IASB's Website.
  • Interpretations Committee Members. Click here for a List of Members of the Interpretations Committee.
  • Interpretations Committee Meetings. Click here for a Scheduled Interpretations Committee Meeting Dates. Click here for a Interpretations Committee Meeting Notes taken by Deloitte observers.
  • Interpretations Committee Agenda Projects. Click here for a Complete List of Interpretations Committee Agenda Issues by Topic
  • Items Not Added to Interpretations Committee Agenda. Click here for a Summary of Issues Not Added to Interpretations Committee Agenda - Sequenced by IFRS
  • Effective Dates. Click here for a Table of Effective Dates of Recent Interpretations.
  • Summaries of Interpretations and Draft Interpretations Click below on a SIC or IFRIC number below to go to a summary of the Interpretation or (at the end) Draft Interpretation. Please remember that these summaries are not a substitute for reading the entire Interpretation and should not be relied on for preparing IFRS financial statements.

Final Interpretations Issued by the IFRS Interpretations Committee

  • IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
  • IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments
  • IFRIC 3 Emission Rights Withdrawn June 2005
  • IFRIC 4 Determining Whether an Arrangement Contains a Lease
  • IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
  • IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
  • IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
  • IFRIC 8 Scope of IFRS 2 Withdrawn effective 1 January 2010
  • IFRIC 9 Reassessment of Embedded Derivatives
  • IFRIC 10 Interim Financial Reporting and Impairment
  • IFRIC 11 IFRS 2: Group and Treasury Share Transactions Withdrawn effective 1 January 2010
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
  • IFRIC 15 Agreements for the Construction of Real Estate
  • IFRIC 16 Hedges of a Net Investment in a Foreign Operation
  • IFRIC 17 Distributions of Non-cash Assets to Owners
  • IFRIC 18 Transfers of Assets from Customers
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
  • IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

Final Interpretations Issued by the Standing Interpretations Committee

  • SIC 1 Consistency - Different Cost Formulas for Inventories Superseded
  • SIC 2 Consistency - Capitalisation of Borrowing Costs Superseded
  • SIC 3 Elimination of Unrealised Profits and Losses on Transactions with Associates Superseded
  • SIC 5 Classification of Financial Instruments - Contingent Settlement Provisions Superseded
  • SIC 6 Costs of Modifying Existing Software Superseded
  • SIC 7 Introduction of the Euro
  • SIC 8 First-Time Application of IASs as the Primary Basis of Accounting Superseded
  • SIC 9 Business Combinations - Classification either as Acquisitions or Unitings of Interests Superseded
  • SIC 10 Government Assistance - No Specific Relation to Operating Activities
  • SIC 11 Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations Superseded
  • SIC 12 Consolidation - Special Purpose Entities
  • SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers
  • SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items Superseded
  • SIC 15 Operating Leases - Incentives
  • SIC 16 Share Capital - Reacquired Own Equity Instruments (Treasury Shares) Superseded
  • SIC 17 Equity - Costs of an Equity Transaction Superseded
  • SIC 18 Consistency - Alternative Methods Superseded
  • SIC 19 Reporting Currency - Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 Superseded
  • SIC 20 Equity Accounting Method - Recognition of Losses Superseded
  • SIC 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets
  • SIC 22 Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported Superseded
  • SIC 23 Property, Plant and Equipment - Major Inspection or Overhaul Costs Superseded
  • SIC 24 Earnings Per Share - Financial Instruments and Other Contracts that May Be Settled in Shares Superseded
  • SIC 25 Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders
  • SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease
  • SIC 28 Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments Superseded
  • SIC 29 Disclosure - Service Concession Arrangements
  • SIC 30 Reporting Currency - Translation from Measurement Currency to Presentation Currency Superseded
  • SIC 31 Revenue - Barter Transactions Involving Advertising Services
  • SIC 32 Intangible Assets - Web Site Costs
  • SIC 33 Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests Superseded

Interpretations Committee Draft Interpretations Outstanding

  • None currently outstanding

Interpretations Committee Draft Interpretations that Were Finalised

  • IFRIC D1 Emission Rights
  • IFRIC D2 Changes in Decommissioning, Restoration and Similar Liabilities
  • IFRIC D3 Determining Whether an Arrangement Contains a Lease
  • IFRIC D4 Decommissioning, Restoration and Environmental Rehabilitation Funds
  • IFRIC D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time
  • IFRIC D7 Amendment of the Scope of SIC 12 Consolidation - Special Purpose Entities
  • IFRIC D8 Members' Shares in Co-operative Entities
  • IFRIC D10 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
  • IFRIC D12 Service Concession Arrangements - Determining the Accounting Model
  • IFRIC D13 Service Concession Arrangements - the Financial Asset Model
  • IFRIC D14 Service Concession Arrangements - the Intangible Asset Model
  • IFRIC D15 Reassessment of Embedded Derivatives
  • IFRIC D16 Scope of IFRS 2
  • IFRIC D17 IFRS 2 Group and Treasury Share Transactions
  • IFRIC D18 Interim Financial Reporting and Impairment
  • IFRIC D19 IAS 19 - The Asset Ceiling: Availability of Economic Benefits and Minimum Funding Requirements
  • IFRIC D20 Customer Loyalty Programmes
  • IFRIC D21 Real Estate Sales
  • IFRIC D22 Hedges of a Net Investment in a Foreign Operation
  • IFRIC D23 Distributions of Non-cash Assets to Owners
  • IFRIC D24 Customer Contributions
  • IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments

Draft Interpretations that Were Not Finalised

  • IFRIC D11 Changes in Contributions to Employee Share Purchase Plans (ESPPs) IFRIC decided not to finalise because the IASB has decided to amend IFRS 2
  • IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions IFRIC decided not to finalise
  • IFRIC D6 Multi-employer Plans Became part of the IAS 19 amendments in December 2004
  • SIC D4 Classification of Financial Instruments - Issuer's Settlement Option Withdrawn
  • SIC D26 Property, Plant and Equipment - Results of Incidental Operations Neither finalised nor withdrawn
  • SIC D34 Financial Instruments - Instruments or Rights Redeemable by the Holder Withdrawn