Interpretations issued by the IFRS Interpretations Committee are more authoritative than IASB Standards and Interpretations.

Question

Quizplus · Accepted Answer

IASB Standards and Interpretations are the primary source of authoritative guidance on IFRSs. The interpretations issued by the IFRS Interpretations Committee are secondary sources that provide additional clarifications and guidance on the application of IFRSs.

Interpretations Issued by the IFRS Interpretations Committee Are More Authoritative