The IFRS interpretation committee is the interpretative body of the IASB. The interpretations committee comprise 14 voting members appointed by the trustees and drawn from a variety of countries and professional background. The mandate of the interpretation committee is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRSs and to provide authoritative guidance (IFRICs) on these issues.
Interpretation committee meetings are open to public and webcast. In developing interpretations, the interpretation committee works closely with similar national committee and follow a transparent, thorough and open due process.