| About IFRIC |
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The IFRS Interpretations Committee* (IFRIC) 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. The IFRIC has 14 members appointed by the Trustees of the IFRS Foundation for terms of three years. IFRIC members are not salaried but their expenses are reimbursed. IFRIC meets approximately every other month at meetings that are open to public observation and are webcast.
Interpretations
The 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. Approval of Draft or final Interpretations requires that not more than four voting members vote against the draft or final Interpretation. IFRIC is chaired by a non-voting chair.
Annual Improvements
In 2009 the IASB asked the IFRIC to assume responsibility for the annual process for making relatively minor improvements to IFRSs. The IASB must approve both the Exposure Draft of proposed improvements and the final improvements (which are amendments to IFRSs).
*At their meeting in January 2010, the IFRS Foundation Trustees voted to rename the International Financial Reporting Interpretations Committee to the IFRS Imterpretations Committee, effective 31 March 2010. The Interpretations themselves will continue to be referred to as 'IFRIC 1', 'IFRIC 2', etc, and the Committee will be colloquially referred to as the IFRIC.
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| List of IFRIC Members |
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Voting Members
- Luca Cencioni
Senior Accounting, Eni S.p.A., Italy
Term expires 30 June 2011
- Guido Fladt
Partner, PricewaterhouseCoopers, Germany
Term expires 30 June 2013
- Bernd Hacker
Head of Standard Setter Liaison and Financial Instruments Accounting Policies, Siemens, Germany
Term expires 30 June 2013
- Sara York Kenny
Principal Accounting Adviser, International Finance Corporation, World Bank Group
Term expires 30 June 2012
- Jean-Louis Lebrun
Partner, Mazars, France
Term expires 30 June 2011
- Feilong Li
Controller, CNOOC, China
Term begins 1 July 2010 and expires 30 June 2013
- Takatsugu Ochi
Assistant General Manager, Financial Resources Management Group, Sumitomo Corporation, Japan
Term expires 30 June 2012
- Jean Pare
Vice President, Financial Reporting at Bombardier Inc., Canada
Term expires 30 June 2011
- Joanna Perry
Company Director and Current Chair of the Financial Reporting Standards Board, New Zealand
Term expires 30 June 2011
- Ruth Picker
Partner and Global Director, Global IFRS Services, Ernst & Young, Australia
Term expires 30 June 2012
- Laurence Rivat
Partner and Leader of Deloitte's IFRS Centre of Excellence in Paris and member of the Deloitte IFRS Leadership Team, France
Term expires 30 June 2012
- Darrel Scott
Head of Group Finance, FirstRand Banking Group, South Africa
Term expires 30 June 2010
- Margaret M. (Peggy) Smyth
Vice President, Controller, United Technologies Corp., United States
Term expires 30 June 2011
- Scott Taub
Managing Director, Financial Reporting Advisors, LLC, United States, and former Acting Chief Accountant and Deputy Chief Accountant, US Securities and Exchange Commission, United States
Term expires 30 June 2011
- Andrew Vials
Partner, KPMG LLP, United Kingdom
Term expires 30 June 2013
Non-Voting Chairman
- Robert Garnett
Member, International Accounting Standards Board
Term expires 30 June 2012
Official Observers
- European Commission
- International Organization of Securities Commissions
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