The International Financial Reporting Interpretations Committee (IFRIC) issued on July 20, 2006 an interpretation IFRIC – (10), which addressed the conflict between the requirements of International Accounting Standard IAS (34) Interim Financial Reporting and those in other standards on the recognition, and reversal in financial statements of impairment losses on goodwill and certain financial assets.
IFRIC’s principal role is to consider, on a timely basis within the context of International Financial Reporting Standards and the International Accounting Standards Board (IASB) Framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus on the appropriate accounting treatment.
For more information please visit the following website: www.iasb.org