International Financial Reporting Interpretations Committee (IFRIC)

The International Financial Reporting Interpretations Committee (IFRIC) is a group that provides guidance on how to apply International Financial Reporting Standards (IFRS), which are global rules for financial reporting. Its role is to clarify complex accounting issues, ensuring consistency and transparency in financial statements across different countries. By offering authoritative interpretations, IFRIC helps companies, auditors, and regulators understand and implement IFRS correctly, promoting trust and comparability in financial information worldwide.