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متابعة

What is the meaning of SIC and IFRIC in the financial standards?

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تم إضافة السؤال من قبل Ahmed Ramadan , Financial Planning Consultant and ERPNext Implementation , Sahl Technology
تاريخ النشر: 2016/03/29
Shahbaz Hayder
من قبل Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

SIC and IFRIC represents an interpretations committee. The objectives of the Interpretations Committee are to interpret the application of IAS / IFRS, provide timely guidance on financial reporting issues that are not specifically addressed in IAS / IFRS and undertake other tasks at the request of the International Accounting Standards Board (IASB).

 

The old Standard Interpretations Committee (SIC) is currently known as IFRS Interpretations Committee (IFRIC).

Gopalakrishnan Manavalan
من قبل Gopalakrishnan Manavalan , Group Financial Controller , Zumran Mining & Exploration Limited

SIC is the interpretation given to any particular IFRS / IAS. At present it is issued by IFRS Interpretations Committee. The SIC serves as a clarification for any grey area in that particular standard. 

 

SIC stands for Standards Interpretation Committee.