Interpretations issued by IFRIC are more authoritative than IASB Standards and Interpretations.

Question

Quizplus · Accepted Answer

IFRIC Interpretations are not more authoritative than IASB Standards and Interpretations. IFRIC Interpretations are developed to provide guidance on how to apply existing IFRS Standards and Interpretations to specific transactions or arrangements. They are considered subordinate to IFRS Standards and Interpretations and do not override them.

Interpretations Issued by IFRIC Are More Authoritative Than IASB Standards