International financial reporting interpretations (issued by the International Accounting Standards Board) are considered authoritative and must be followed.

Question

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International financial reporting interpretations issued by the International Accounting Standards Board (IASB) are considered authoritative and must be followed by companies that use International Financial Reporting Standards (IFRS). These interpretations provide guidance on how to apply IFRS in specific situations and ensure consistency in financial reporting across different jurisdictions. Ignoring or deviating from these interpretations can result in non-compliance with IFRS and may lead to legal and reputational risks for companies.

International Financial Reporting Interpretations (Issued by the International Accounting Standards