Development and publication of an IFRS Standard
The development of an IFRS Standard is carried out during IASB meetings, when the IASB considers the comments received on the Exposure Draft.
After resolving issues arising from the Exposure Draft, the IASB considers whether it should expose its revised proposals for public comment, for example by publishing a second Exposure Draft.
In considering the need for re-exposure, the IASB:
- identifies substantial issues that emerged during the comment period on the Exposure Draft that it had not previously considered;
- assesses the evidence that it has considered;
- evaluates whether it has sufficiently understood the issues and actively sought the views of constituents; and
- considers whether the various viewpoints were aired in the Exposure Draft and adequately discussed and reviewed in the basis for conclusions.
Drafting the Standard
The IASB’s decision on whether to publish its revised proposals for another round of comments is made in an IASB meeting. If the IASB decides that re-exposure is necessary, the due process to be followed is the same as for the first Exposure Draft.
When the IASB is satisfied that it has reached a conclusion on the issues arising from the Exposure Draft, it instructs the staff to draft the Standard.
A pre-ballot draft is usually subject to external review, normally by the IFRS IC. Shortly before the IASB ballots the Standard, a near-final draft is posted on eIFRS.
Finally, after the due process is completed, all outstanding issues are resolved, and the IASB members have balloted in favour of publication, the Standard is issued.