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Saturday 27 August 2016

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Standard-setting

How we develop IFRS Standards


International Financial Reporting Standards (IFRS Standards) are developed through an international consultation process, the "due process", which involves interested individuals and organisations from around the world.

The due process comprises six stages, with the Trustees of the IFRS Foundation having the opportunity to ensure compliance at various points throughout:

  1. Setting the agenda
  2. Planning the project
  3. Developing and publishing the Discussion Paper, including public consultation
  4. Developing and publishing the Exposure Draft, including public consultation
  5. Developing and publishing the Standard
  6. Procedures after a Standard is issued

 

IASB standard-setting process
* Published for public comment