The IFRS trustees have recommended the IFRS
interpretation committee improves efficiency by enhancing its scope
and clarity.

The trustees have carried out a review of the
effectiveness of the committee, which found:

  • that a broader range of ‘tools’ should be deployed by the
    interpretation committee to be more responsive to requests for
    assistance,
  • to revise the committee’s priority-issues,
  • to improve communications regarding issues that it decides not
    to address, and
  • to expand the committee’s outreach and transparency.

The trustees conducted the review through a
questionnaire addressed to stakeholders and members of the
interpretations committee. The questionnaire received 34 responses
at the end of the public comment period in January 2011.

“An expansion of the work carried out by the
interpretations committee fits in well with the International
Accounting Standards Board’s (IASB) view that the implementation
and maintenance of existing IFRSs is an important part of the
IASB’s activities,” IASB chairman Hans Hoogervorst said.