The objectives of the IFRS foundation

to develop, in the public interest, a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards based upon clearly articulated principles. These
standards should require high quality, transparent and comparable information in financial
statements and other financial reporting to help investors, other participants in the worlds capital
markets and other users of financial information make economic decisions
to promote the use and rigorous application of those standards
in fulfilling the above objectives, to take account of, as appropriate, the needs of a range of
sizes and types of entities in diverse economic settings
to promote and facilitate adoption of International Financial Reporting Standards (IFRSs),
being the standards and interpretations issued by the IASB, through the convergence of national
accounting standards and IFRSs
Role of the IFRS Interpretations Committee

Under the IFRS Foundation Constitution, the IFRS Interp retations Commit tee (the 'Commit tee'), formerly called the International Financial Reporting Interpretations Committee (IFRIC), has the following roles:
interp ret the applicatio n of IFRSs and provide time ly guidance on financial reporting issues not specifically add ressed in IFRSs, in the context of the IASBs Fra mework, and undertake other tasks at the reque st of the IASB

in carrying out its work above, have re gard to the IASBs objective of working actively with national standard-setters to bring about convergence of natio nal accountin g standards and IFRSs to high quality solutions

publish after cle a rance by the IASB draft Interp retations for public comment and consider comments made within a reasonable period befo re finalising an Interpretatio n

report to the IASB and obtain the app roval of nine of its members for final Interp retations if there are fewe r than sixteen members, or by ten of its members if there a re sixteen member