IASC Foundation publishes Ifric handbook

News Article - 24 May 2012
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The Due Process Handbook has been published by the trustees of the International Accounting Standards Committee (IASC) Foundation.

Following a review of the International Financial Reporting Interpretations Committee's (Ifric) constitution, initiated in 2003, the trustees identified the areas of resources and effectiveness as posing issues which required further examination.

Ifric later reviewed its operations with the support of the trustees, after which the IASC Foundation published a consultation paper entitled Ifric Review of Operations for public comment.

With the help of feedback received, a draft handbook was produced for public comment and was recently approved by trustees at a meeting last month.

Phil Laskawy, chairman of the trustees, said that Ifric had implemented various changes over the past two years in a bid to improve its consultative process.

"The Trustees believe that, on the basis of the improved arrangements, the Ifric will be well-positioned to provide interpretative guidance in an open and transparent manner," he said.

In related news, the IASC Foundation recently announced that Mr Laskawy would remain the organisation's chairman until the end of 2007 while Bertrand Collomb had accepted the position of vice chairman for 2007.

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