ACCA Applied Skills · Financial Reporting · Regulatory framework
Place the following steps of the IASB's due process in the order in which they normally occur: (1) publication of an exposure draft, (2) setting the agenda, (3) publication of the final standard, (4) publication of a discussion paper or other consultation on the issue.
The normal order is setting the agenda, then a discussion paper or similar consultation, then an exposure draft, and finally the published standard. The exposure draft follows the early consultation because it contains specific proposals, and nothing proceeds until the issue is on the agenda.
- A2, 4, 1, 3Correct
- B2, 1, 4, 3
- C4, 2, 1, 3
- D1, 2, 4, 3
Explanation
The IASB first sets the agenda, then normally consults through a discussion paper or similar, then issues an exposure draft, and finally publishes the standard. Putting the exposure draft before the discussion paper reverses the consultation sequence, and the agenda must be set first.
Did you get it right without looking?
One question tells you little. A timed set on Regulatory framework shows your real accuracy, how long you take and where you lose marks.
More Regulatory framework questions
- Which of the following best describes the primary role of the IFRS Interpretations Committee in the IFRS regulatory structure?
- Zeta Co's financial statements state that they comply with IFRS Accounting Standards, except that management chose not to apply one recognit…
- Which statement best describes the role of the IFRS Interpretations Committee?
- The IFRS Foundation is developing a new IFRS Accounting Standard. Under its due process, which of the following steps is a required (mandato…
- Which body within the IFRS Foundation structure is responsible for developing and publishing IFRS Accounting Standards after following due p…
- Which of the following is a function of the IFRS Advisory Council?