Answer:
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.
Step-by-step explanation:
The IFRS Interpretations Committee endeavours to reach a consensus on appropriate accounting treatment and provides authoritative guidance on the issue concerned. The interpretations issued by the committee are referred to as IFRIC Interpretations, taking their name from the previous name given to the committee, the International Financial Reporting Interpretations Committee (IFRIC).
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