The trustees of the International Accounting Standards Committee Foundation (IASCF)
established the IFRIC in March 2002 to act in conjunction with the IASB to improve
financial reporting through timely identification, discussion and resolution of financial
reporting issues (IASCF, 2007). The IFRIC reviews newly identified reporting issues in
existing IFRS in order to reach a consensus on appropriate treatments that are said to be
consistent with IFRS and the framework (IASCF, 2007)[2].