The Interpretations Committee assists the MASB in ensuring and promoting high quality accounting practices in the country. Recommendations and decisions of the Interpretations Committee are submitted to the Board who will decide on the appropriate course of action. The Interpretations Committee is chaired by the MASB Chairman and is responsible to:
(a) review and undertake detailed study of the matters under the IFRS Interpretations Committee having regard to:
(b) review comments received on the draft pronouncement issued by the IASB or the IFRS Interpretations Committee and prepare a summary of the comments for review by the MASB.
(c) submit its recommendation on the adoption or otherwise of the narrow scope amendment and IFRIC Interpretation.
Matters under the IFRS Interpretations Committee include:
(i) IFRIC® Interpretation.
(ii) proposed amendments to standards through the IASB Annual Improvements process.
(iii) proposals to the IASB for targeted, narrow-scope amendments that are beyond the scope of the Annual Improvements process.
(iv) proposals for additional illustrative examples.
(v) explanations via rejection notices.
The Committee comprises representatives from the accounting profession, commerce, the academia as well as an analyst and a solicitor. The members of the Interpretations Committee are appointed by the Board.