Outline the Steps in the IASB's Standard-Setting Process

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The Answer is Stage 1: Setting the Agenda
The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of investors.
Stage 2: Project Planning
The board decides whether to conduct the project alone or jointly with another standard setter, and a project team is selected.
Stage 3: Development and Publication of a Discussion Paper
A discussion paper includes a comprehensive overview of the issue, possible approaches in addressing the issue, the preliminary views of its authors or the IASB, and an invitation to comment.
Stage 4: Development and Publication of an Exposure Draft
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).
Stage 5: Development and Publication of an International Financial Reporting Standard
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.
Stage 6: Procedures after an IFRS Is Issued
After an IFRS is issued, the staff and the IASB members hold regular meetings with interested parties, including other standard‐setting bodies, to help understand unanticipated issues related to the practical implementation and potential impact of its proposals. The IFRS Foundation also fosters educational activities to ensure consistency in the application of IFRSs.

Outline the Steps in the IASB's Standard-Setting Process

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Outline the Steps in the IASB's Standard-Setting Process

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Correct Answer:
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