The Full Form of IFRIC is‍ International Financial Reporting Interpretations Committee.

The Interpretations Committee, formerly called the International Financial Reporting Interpretations Committee, shall comprise fourteen voting members, appointed by the Trustees under section 15(c) for renewable terms of three years. The Trustees shall select members of the Interpretations Committee so that it comprises a group of people representing, within that group, the best available combination of technical expertise and diversity of international business and market experience in the practical application of IFRS Standards and analysis of financial statements prepared in accordance with IFRS Standards. Expenses of travel on Interpretations Committee business shall be met by the IFRS Foundation.”

It was agreed that the following criteria should be met when considering individuals for membership on the IC:

• Have a high level of technical expertise.
• To add to the diversity of the IC in terms of International business.
• Have market experience in the practical application of IFRS standards and analysis of financial statements prepared in accordance with IFRS standards.
• Can serve in an individual capacity and demonstrate their independence.