What basis does the International Accounting Standards Board use in developing IFRS?

Question

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The International Accounting Standards Board (IASB) uses a framework for deriving general principles in developing International Financial Reporting Standards (IFRS), rather than detailed rules or typical tax laws. The framework includes the objectives of financial reporting, qualitative characteristics of financial information, elements of financial statements, recognition and measurement criteria, and concepts of capital and capital maintenance. The IASB also considers any exceptions or unusual circumstances that require special attention, but they are not the basis for developing IFRS.

What Basis Does the International Accounting Standards Board Use in Developing