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International Financial Reporting Standards Essay Example

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International Financial Reporting Standards

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Boards evaluates the following aspects: firstly the board evaluates the relevance and reliability of the information to the accounting fraternity; the board then checks if there is existing guidance for the information; the board follows by evaluating if the information has the potential of increasing convergence; after that the standard’s quality is developed; finally the board then considers the constraint of the resources available.The board also employs staff to review, identify and raise concern about issues that might needs the board’s attention. It is at this stage that requests are made to the international accounting standard board on amendment, reviewing interpreting of existing standards. It 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). The agenda stage is conducted in the international accounting standards board’s public meetings. For approving any agenda the board consults with the IFRS advisory council and other accounting standards bodies for recommendation. The final decision is decided by a majority vote at the international accounting standards board meeting.Here, the international accounting standards board decides whether to undergo the project jointly with other standard setters or to undertake the project on their own. Whichever the case, the same process is followed. Irrespective of how they decide to go about it the board appoints a working group. Such groups are established because of their expertise and practical experience. Meetings of these groups are advertised on the IFRS website, and they are chaired a member of the international accounting standards board. These meetings are open for attendance to the public.At this stage, the international board of accounting standards might publishes the intended to undertake a project. It explains the issues involved and expected income. This publication does not necessarily mean that the board will publish any new standard. It is simply a communication that the board intends to undertake the process of publishing new accounting standards or amending existing ones. This publication is referred to as a discussion paper. However publication of the discussion paper is not mandatoryAn exposure draft is the international accounting standards board’s main vehicle for consultation with the public. Even if the board

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