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

Under the IFRS Foundation's due process, which of the following is a mandatory step before the IASB issues a new IFRS Accounting Standard?

Publishing an exposure draft for public comment is required before a new standard is issued. Discussion papers are optional, the Advisory Council only advises, and no approval from each national standard setter is needed, so the exposure draft is the mandatory step.

  1. APublishing an exposure draft for public commentCorrect
  2. BObtaining approval from every national standard setter
  3. CHolding a binding vote of the IFRS Advisory Council
  4. DIssuing a discussion paper on every project

Explanation

Publication of an exposure draft for public comment is a mandatory step in the due process. A discussion paper is a non-mandatory step, the Advisory Council only advises and does not vote to approve standards, and national standard setters have no veto.

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