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Hi sir, I just want to check with you whether my understanding is correct on the following :
In carrying out its work, the IFRS interpretations committee have regard to the IASB‘s objective of working actively with national standard-setters to bring about convergence with IFRS, but it does not work directly with national standard-setter to bring about convergence.
The IASB is the one who works directly with national standard-setters to bring about convergence with IFRS.
Am I right?
I’m impressed that you should want to know more about such a fringe area of the examinations syllabus!
IFRIC members are appointed by the Trustees to the IFRS Foundation
(The Trustees of the IFRS Foundation are responsible for the governance and oversight of the International Accounting Standards Board (the Board).
The Trustees are not involved in any technical matters relating to the Standards. This responsibility rests solely with the Board.
The Trustees are accountable to the Monitoring Board, a body of publicly accountable markets authorities.
Trustees are appointed for a renewable term of three years. Each Trustee is expected to have an understanding of, and be sensitive to, international issues relevant to the success of an international organisation responsible for the development of high quality global accounting standards for use in the world’s capital markets and by other users.)
The IFRS Interpretations Committee interprets the application of IFRSs and provide timely guidance on financial reporting issues not specifically addressed in IFRSs, in the context of the IASB’s Framework, and undertakes other tasks at the request of the IASB.
The following link tells about the liaison between IASB and national standard setters
https://www.ifrs.org/About-us/IASB/Advisory-bodies/Pages/standard_setting_bodies.aspx
But when I look again at your post, it seems that your question relates to the semantics of the difference between “working actively” and “working directly” – both issues that lie within the remit of the IASB
IFRIC, as quoted above, interprets, advises and provides guidance
OK?
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