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. 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 Conc...