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.