Boards evaluates the following aspects: frstly the board evaluates the relevance and reliability of the information to the accounting fraternity; te board then checks if there is existing guidance for the information; te board follows by evaluating if the information has the potential of increasing convergence; ater that the standard’s quality is developed; fnally the board then considers the constraint of the resources available. Te board also employs staff to review, ientify and raise concern about issues that might needs the board’s attention. I is at this requests are made to the international accounting standard board on amendment, rviewing interpreting of existing standards.
I is also at this stage that requests to publish new standards are also made to the international accounting standards board for them to be included in the International Financial Reporting Standards (IFRS). Te agenda stage is conducted in the international accounting standards board’s public meetings. Fr approving any agenda the board consults with the IFRS advisory council and other accounting standards bodies for recommendation. Te final decision is decided by a majority the international accounting standards board meeting.
Hre, te international accounting standards board decides whether to undergo the project jointly with other standard setters or to undertake the project on their own. Wichever the case, the same process is followed. Irrespective of how they decide to go about it the board appoints a working group. Sch groups are established because of their expertise and practical experience. Metings of these groups are advertised on the IFRS website, ad they are chaired a member of the international accounting standards board. Tese are for attendance to the public.
A this stage, te international board of accounting standards might publishes the intended to undertake a project. I explains the issues involved and expected income. Tis publication does not necessarily mean that the board will publish any new standard. I is simply a communication that the board intends to undertake the process of publishing new accounting standards or amending existing ones. Tis publication is referred to as a discussion paper. Hwever publication of the discussion paper is not mandatoryAn exposure draft is international accounting board’s main vehicle for consultation with the public.
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