Evaluate the main steps followed in the development and issue of international financial reporting standards (IFRS)

Evaluate the main steps followed in the development and issue of international financial reporting standards (IFRS)

Answers

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.

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marto answered the question on February 13, 2019 at 08:10

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