ACCA Applied Knowledge · Financial Accounting · The regulatory framework
In the IASB's due process, which document is published to seek public comment on proposed requirements of a new standard before the final standard is issued?
An exposure draft is published to seek public comment on proposed requirements of a new standard. The IASB reviews the comment letters and then, if it proceeds, issues the final standard. It is the formal consultation stage of due process, following any earlier discussion paper.
- AAn exposure draftCorrect
- BA conceptual framework update
- CA technical bulletin
- DA final pronouncement
Explanation
After considering responses to any discussion paper, the IASB publishes an exposure draft containing proposed requirements and invites comment letters. Only then, after reviewing feedback, does it issue the final standard. The other items are not the consultation step.
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