Sic Securities Interpretations Committee

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SIC (Standing Interpretations Committee) Standing Interpretations Committee (SIC) The Standing Interpretations Committee (SIC) was established in 1997 to consider contentious accounting issues that needed authoritative guidance to stop widespread variation in practice.There are 33 rules of SIC. At the 23 July 2001 meeting of the Standards Advisory Council the IASB submitted a proposal to rename the Standing Interpretations Committee (SIC) as the International Financial Reporting Issues Committee (IFRIC) which was subsequently accepted. Following this change, releases from IFRIC were categorized as abstracts rather than interpretations. In December 2001 the Standing Interpretations Committee (SIC) was reconstituted as the International Financial Reporting Interpretations Committee (IFRIC). The history of International Accounting standards really began in 1966. In 1966 there was a proposal to form an International Study Group which came from the Institute of Chartered Accountants of England & Wales. In 1967 the Accountant International Study Group was founded, and this group’s purpose was to write papers on important accounting topics. Those papers then led to standards of accounting that could be used internationally. In 1972 the International Accounting Standards Committee was established. In 1991 it was decided to eliminate the base stock method and LIFO. In 1992 the IASB decided to primarily use FIFO and the average cost method, but allow LIFO to be used as a second choice. In 1997 “The Standing Interpretations Committee (SIC) was established in 1997 to consider contentious accounting issues that needed authoritative guidance to stop widespread variation in practice” Sic is a body that promulgates IFRS on a certain limited scope topics. As the committee issues new guidance it is numbered consecutively, such as SIC 11, SIC 12, and so on. The Standing

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