The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS). Place the following steps in the correct order:
1) Research and analysis conducted; preliminary views of pros and cons issued.
2) Topics identified and placed on the agenda.
3) Board evaluates responses, final standard issued.
4) Public hearing on proposed standard
5) Board evaluates research, issues exposure draft.

Question

Quizplus · Accepted Answer

The correct sequence for developing IFRS by the IASB starts with identifying topics and placing them on the agenda, followed by conducting research and analysis, then holding a public hearing on the proposed standard, issuing an exposure draft based on the research, and finally evaluating responses to issue the final standard.

The International Accounting Standards Board (IASB) Follows Specific Steps in Developing