Which of the following most accurately describes the process of issuing an IASB standard?
A) An advisory committee may be established to give advice on the project; this may be followed by the development and publication of Discussion Documents. After receiving public feedback, an Exposure Draft may then be issued for further comment. A final IFRS is then issued based on previous feedback along with Basis for Conclusion.
B) Discussion Documents are developed and published for public comment, then an advisory committee must be established to give advice on the project. After receiving public feedback, an Exposure Draft may then be issued for further comment. A final IFRS is then issued based on previous feedback along with Basis for Conclusion.
C) An advisory committee may be established to give advice on the project and develop an Exposure Draft, which will be followed by the development and publication of Discussion Documents. After receiving public feedback, a final IFRS is then issued along with Basis for Conclusion.
D) An advisory committee must be established to give advice on the project; this will be followed by the development and publication of Discussion Documents. After receiving public feedback, an Exposure Draft is required to be issued for further comment. A final IFRS is then issued based on previous feedback along with Basis for Conclusion.

Question

Quizplus · Accepted Answer

The process described in option A accurately reflects the steps involved in issuing an IASB standard, including the potential establishment of an advisory committee, the publication of Discussion Documents and an Exposure Draft, and the issuance of a final IFRS along with the Basis for Conclusion after public feedback.

Which of the Following Most Accurately Describes the Process of Issuing