The governance of the IASC Foundation rests with twenty-two Trustees. The International Financial Reporting Interpretations Committee (IFRIC) comprises fourteen voting members and a non-voting Chairman, all appointed by the Trustees. The role of the IFRIC is to prepare interpretations of IFRSs for approval by the IASB and, in the context of the Framework, to provide timely guidance on financial reporting issues. IFRSs are developed through an international due process that involves accountants, financial analysts and other users of financial statements, the business community, stock exchanges, regulatory and legal authorities, academics and other interested individuals and organizations from around the world.
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