IASB STANDARD-SETTING PROCESS

Staff are asked to identify and review the issues associated with a potential agenda
topic and to consider the application of the Framework to the issues

National accounting requirements and practices are studied and views about the
issues are exchanged with national standard-setters

The IFRS Foundation Trustees and the IFRS Advisory Council are consulted about
the topics and priorities in the IASB’s agenda

The IASB is required to carry out a public consultation on its agenda every three
years, the first of which was required to begin no later than June 30, 2011

An advisory group is formed (generally called a ‘working group’) to advise the IASB
and its staff on the project

A discussion document is published for public comment

An exposure draft approved by at least 9 votes of the IASB is published for public
comment

A basis for conclusions is published within the exposure draft

All comments received within the comment period on discussion documents and
exposure drafts are considered and discussed in open meetings

The desirability of holding a public hearing and of conducting field-tests is considered

A Standard is approved by at least 9 votes of the IASB and any dissenting opinions
are included in the published standard