FORMAL PROCESS OF DEVELOPING IFRS BY IASB

 International Financial Reporting Standards are developed through a formal system of due process and broad international consultation that involves accountants, financial analysts and other users of financial statements, the business community, stock exchanges, regulatory and legal authorities and academics.

FORMAL PROCESS OF DEVELOPING IFRS BY IASB

The formal due process usually involves the following steps:

  • IASB staff review all the issues associated with the topic and consider the application of the IASB Framework to the issues

  • Study of national accounting requirements

  • Consulting the IASB Standards Advisory Council (SAC) about the advisability of adding the topic to the IASB’s agenda

  • Formation of an advisory group to give advice to the IASB on the project

  • Publishing a discussion document for public comment

  • Publishing an Exposure Draft and a Basis for Conclusions

  • Consideration of all comments received

  • Consideration of the possibility of holding a public hearing

  • Approval and publishing of a Standard and a Basis for Conclusions

RELATED POSTS

9 CONDITIONS FAVOURING IRRIGATION FARMING IN EGYPT

5 CAUSES OF RURAL-RURAL MIGRATION IN KENYA

10 AIMS OF KILOMBERO VALLEY IRRIGATION SCHEME

4 FEATURES OF MAP STATEMENT SCALE

10 ADVANTAGES OF OIL PRODUCTION IN THE MIDDLE EAST

7 DISADVANTAGES OF AIR TRANSPORT

10 PROBLEMS FACING COFFEE FARMING IN KENYA

IMPACTS OF POVERTY ON ENVIRONMENT

10 PROBLEMS FACING COTTON FARMING IN UGANDA

COMPARISON BETWEEN FISHING IN KENYA AND JAPAN

Comments

Post a Comment

Popular posts from this blog

5 TYPES OF HUMAN ACTIVITIES

Image
  Human activities are functions, tasks, or works done by human beings over time for achieving certain purposes. In total there are five types of human activities namely primary human activities, secondary human activities, tertiary human activities, quaternary human activities, and quinary human activities. These types of human activities together with their examples are going to be explained one by one below. The following are five types of human activities Primary human activities are human activities that involve extracting raw materials directly from the earth. Examples of primary activities are farming, fishing, lumbering, and livestock keeping. Secondary human activities these are human activities that involve the processing of raw materials into useful products. These activities involve converting raw materials into finished products and are mainly performed in urban areas. they accelerate the development of primary activities because they provide the market for products fr...
Read more

10 FACTORS INFLUENCING POPULATION DISTRIBUTION IN EAST AFRICA

Image
THE FOLLOWING ARE FACTORS INFLUENCING POPULATION DISTRIBUTION IN EAST AFRICA Climate Areas that receive heavy and reliable rainfall which support the growth of crops have attracted people in large numbers e.g. shores of Lake Victoria, Kenya highlands, slopes of Mt. Elgon and Kigezi highlands while areas that receive low and unreliable rainfall attract very few people e.g. Karamoja, Turkana land and Miombo woodlands. Soils areas with deep and well-drained fertile soils that support agriculture have attracted dense settlements e.g. Mbale, Kabale, shores of Lake Victoria while areas with infertile soils have sparse populations e.g. Nyika plains, North Eastern Kenya and Masai land. Altitude/relief areas with very high altitudes e.g. top of Mt. Elgon and Rwenzori, Bundibugyo have a sparse population because of the high pressure, difficulty in constructing houses and roads. However low altitude areas have attracted large settlements due to ease in constructing settlements and roads. Howeve...
Read more

ROCK CYCLE - DEFINITION

Image
  Rock cycle is the cycle in which rocks tend to change from one type to another. For instance, igneous rocks may change to metamorphic rocks or sedimentary rocks ; sedimentary rocks to metamorphic or igneous rocks, etc. It is a relationship in which rocks tend to change from one type of rock to another.  Necessary conditions for rock cycle to take place 1. the molten rocks are erupted from the interior of the earth and then cool and solidify to form igneous rocks. 2. the igneous rocks are subjected to denudation process to form sedimentary rocks. 3. either igneous or sedimentary rocks undergo metamorphism, due to prolonged heat and pressure, to form metamorphic rocks. 4. metamorphic or igneous rocks can undergo weathering process through erosion and transportation of sediments which are further deposited in layers in the ocean or lake floors where they are cemented and consolidated to form sedimentary rocks and vice versa. 5. metamorphic or sedimentary rocks can be subjec...
Read more