Development and publication of an Exposure Draft
Publication of an Exposure Draft is a mandatory step in due process.
Irrespective of whether the IASB has published a Discussion Paper, an Exposure Draft is the IASB’s main vehicle for consulting the public.
Unlike a Discussion Paper, an Exposure Draft sets out a specific proposal in the form of a proposed Standard (or amendment to an existing Standard).
The development of an Exposure Draft begins with the IASB considering:
- issues on the basis of staff research and recommendations;
- comments received on any Discussion Paper; and
- suggestions made by the IFRS Advisory Council, Consultative groups and accounting standard-setters, and arising from public education sessions.
After resolving issues at its meetings, the IASB instructs the staff to draft the Exposure Draft.
When the draft has been completed, and the IASB has balloted on it, the IASB publishes it for public comment.