Identification of issues

The primary responsibility for identifying issues to be considered by the IFRIC is that of its members and appointed observers.

Preparers, auditors and others with an interest in financial reporting are encouraged to refer issues to the IFRIC when they believe that divergent practices have emerged regarding the accounting for particular transactions or circumstances or when there is doubt about the appropriate accounting treatment and it is important that a standard treatment is established.

An issue may be put forward by any individual or organisation (see Propose an agenda item).

The source of a suggested agenda item is not revealed to the IFRIC or to others.

A consensus of the IFRIC has general applicability. The IFRIC does not resolve issues that are specific to the circumstances of a particular entity.

The IASB staff assess the issue and prepare an analysis concerning the scope of the issue and whether it meets the agenda criteria. The staff may seek input from members of the IASB, IFRIC and other knowledgeable parties.