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The standard setting process
1. Setting the agenda: The IASB staff prepares an issue paper including studying the approach of national standard setters.
2. Project planning: The standard advisory council is consulted about the issues in the agenda and appointment of technical staff.
3. Publication of a discussion paper: This includes a comprehensive overview of the issues, possible approaches in addressing the issue and other preliminary views.
4. An exposure draft: This sets out a specific proposal in the form of a proposed. Standard or amendment of a new standard.
5. Publication of the IFRS: After considering all comments received, an IFRS is approved by at least the majority of the members in the IASB. The final standard includes both a basis for conclusion and any dysentery opinions.
marto answered the question on February 13, 2019 at 08:10