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ACCA Strategic Professional · Strategic Business Reporting (International) · Discussion of issues in financial reporting

Under IFRS due process, which step normally follows publication of an Exposure Draft and the end of its comment period?

After the comment period closes, the IASB reviews the comment letters and other feedback, redeliberates the proposals, and then decides whether to issue a final Standard, which may involve re-exposing the draft if the changes are significant.

  1. AThe IASB considers the comment letters and feedback, then decides whether to proceed to a final Standard, possibly re-exposingCorrect
  2. BAutomatic issue of a final Standard with no further deliberation
  3. CEndorsement of the draft by each national tax authority
  4. DWithdrawal of the existing Standard on the day the comment period ends

Explanation

After the comment period the IASB analyses the responses, redeliberates and may re-expose if changes are substantial before issuing a final Standard. Nothing is automatic, and tax authorities play no formal endorsement role.

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