NEW YORK- The International Financial Reporting Interpretations Committee (IFRIC) released on July 4, 2007, for public comment, a draft Interpretation IFRIC D21 Real Estate Sales.
The proposal is open for public comment until October 5, 2007.The proposed Interpretation aims to standardize accounting practice among real estate developers for sales of units,
For further information about IFRIC D21 Real Estate Sales it currently available on IASB Website
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