IFRIC (International Financial Reporting Interpretations Committee)

The IFRIC (International Financial Reporting Interpretations Committee) develops interpretations of the accounting standards within the scope of the IFRS.

What’s it all about?

  • What is the IFRIC?
  • What IFRIC interpretations are there?

What is the IFRIC?

The IFRIC (International Financial Reporting Interpretations Committee) develops interpretations of the accounting standards within the scope of the IFRS (International Financial Reporting Standards).

What IFRIC interpretations are there?

The IFRIC interpretations are divided into IFRIC 1 to IFRIC 23. Important IFRIC interpretations include IFRIC 12, which relates to service concession arrangements, and IFRIC 23, which relates to uncertainties regarding income tax treatments.

The income tax liabilities listed in the annual report are calculated using the regulations in IFRIC 23.