Balloting and drafting
Before instructing the staff to start drafting a document to be voted upon, the Chairman of the IASB polls IASB members during an IASB meeting to gauge the level of support on a particular issue. If there is sufficient support, the IASB instructs the staff to prepare a pre-ballot draft of the document (Discussion Paper, Exposure Draft or IFRS).
IASB members review the pre-ballot draft individually, and further pre-ballot drafts may be required if new issues arise during IASB members' review.
If the document being drafted is an IFRS, the pre-ballot draft is sent to selected parties (normally the IFRS Interpretations Committee) for a 'fatal flaw' review. After considering the results of this review, together with IASB members' comments, the staff prepare a ballot draft.
To enhance the transparency of the drafting process, the IASB posts on the Website changes from the Exposure Draft. In addition, at about the same time a near-final draft is posted on the IASB's limited-access Website for paying subscribers, eIFRS.
The ballot draft of a Discussion Paper, Exposure Draft or IFRS is ready for balloting after all outstanding issues are cleared and the IASB agrees to proceed with balloting.
A balloting package includes the following:
- a balloting form
- a memorandum summarising major changes from the pre-ballot draft
- the ballot draft, in two versions:
- the text, marked up to show changes from the previous pre-ballot draft
- the 'clean' text.
Balloting takes place outside meetings. The staff circulate the balloting package to IASB members individually. After reviewing the balloting package, IASB members complete the ballot form to record whether they assent to, or dissent from, publication of the ballot draft.
IASB members may suggest late editorial improvements to the text; depending on the number of such changes, the staff report to the IASB after the ballot or prepare and circulate to the IASB a post-ballot draft showing the final changes.
Documents published on Website
The IASB initially publishes its pronouncements and consultative documents by posting them on its website, eIFRS, for paying subscribers.
After an interval of about ten days (but only one day for draft Interpretations) Discussion Papers and Exposure Drafts are freely available on the ifrs.org website.
With the exception of IFRIC documents, IASB publications are normally also published in hard copy.
IASB members who propose to dissent from publication of an Exposure Draft or IFRS make their intentions known during the poll at the IASB meeting.
Dissenting opinions are prepared by the IASB member concerned in collaboration with the staff. In Exposure Drafts, dissenting opinions are presented as non-attributed alternative views.
Dissenting opinions and alternative views are incorporated in the pre-ballot and ballot drafts for the other IASB members to see before balloting.