The IC Interpretations contained herein are issued as part of MASB's convergence effort to align its standards to those International Financial Reporting Standards (IFRSs). They are identical with the Interpretations issued by the Standing Interpretation Committee (SIC) of the International Accounting Standards Committee (IASC), the predecessor of International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB.
The numbering of the IC Interpretation corresponds to the Interpretation issued by the IFRIC and SIC respectively. For example, IC Interpretation 1 in Malaysia is equivalent to IFRIC Interpretation 1. IC Interpretation with a 100 prefix corresponds to its equivalent SIC-Interpretation. Thus, IC Interpretation 112 is equivalent to SIC-12. IC Interpretation with a 200 prefix denotes locally developed interpretation with no equivalent international interpretation. In this regard, the existing Interpretation Bulletin I Preliminary and Pre-operating Expenditure is renamed as IC Interpretation 201.
Hence, IC Interpretation 1 = IFRIC Interpretation 1
IC Interpretation 112 = SIC-12
IC Interpretation 201 = locally developed interpretation