CA. Amit Daga
Dear All,
In india for all Accounting Interpretation we have ASI (Accounting Standard Interpretation) in line of that in IFRS there is also some Interpretation which is known as IFRIC- International Financial Reporting Standards Interpretation Committee or�SAC- Standards Advisory Committee. There is no diff between SIC and IFRIC.All those interpretation which is issed earlier are named as SIC and new one is issuing with the name of IFRIC.
Currently there are folloing IFRIC and SIC is available
�
IFRIC-1- Changes in existing decommissioning, restoration and similar liabilities
IFRIC-2- Members share in cooperatives and similar instruments
IFRIC-4- Determining whether an arrangement contains a lease
IFRIC-5- rights to interests arising from decommissioning, restoration and similar liabilities
IFRIC-6-Liabilities arising from participating in a specific market- waste electrical and electronic equipment
IFRIC-7- Applying the restatement approach IAS 29
IFRIC-8- Scope of IFRS 2
IFRIC-9- reassessment of embedded derivatives
IFRIC-10- Interim financial reporting and impairment
IFRIC-11- Group and treasury share transactions
IFRIC-12- Service concession arrangements
IFRIC-13- Customer Loyalty programs
IFRIC-14- the limit on a defined benefit asset, minimum funding and their interaction
IFRIC 15-Agreements for the construction of real estate
IFRIC 16- Hedges of a net investment in a foreign operation
IFRIC 17- Distribution of non-cash assets to owners
IFRIC 18- Transfers of assets to customers
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SIC 7
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Introduction of the Euro
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SIC 10
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Government Assistance-no specific relation to operating activities
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SIC 12
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Consolidation- SPE's
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SIC 13
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Jointly controlled entities-non-monetary contributions by venturers
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SIC 15
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Operating Leases- incentives
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�
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SIC 21
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Income taxes-recovery of revalued non-depreciable assets
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SIC 25
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Income taxes-changes in the tax status of an entity or its shareholders
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SIC 27
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Evaluating the substance of a transaction involving the legal form of a lease
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SIC 29
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Service Concession agreements- disclosures
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