Final answer:
The IFRS Foundation sponsors the International Financial Reporting Interpretations Committee (IFRIC), in addition to the IASB, which aids in consistent interpretation and implementation of IFRS.
Step-by-step explanation:
In addition to the International Accounting Standards Board (IASB), the IFRS Foundation sponsors the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC). The IFRIC works closely with the IASB to provide guidance and clarification on issues that are not specifically addressed by International Financial Reporting Standards (IFRS), or where unsatisfactory or conflicting interpretations have developed. It is instrumental in ensuring that the IFRS are uniformly interpreted and implemented.