Developing Global Accounting Standards

Overview

• The Global Accounting Standards Setter plays a critical role in developing standards through an open and inclusive process.

Standard Development Process

1. Research Programme

   • Initial stage of any project.
   • Explore issues and identify possible solutions.
   • Ideas are often compiled in a discussion paper for feedback.

2. Selection for Standard Setting Phase

   • Decide which projects proceed to the standard setting phase.

3. Sketching New Standards

   • Outline new accounting standards.
   • Process is transparent—board meetings are open and papers are accessible.

4. Exposure Draft

   • Publish draft standard as an exposure draft.
   • Encourage global feedback.
   • Open participation and contribution.

5. Consultation and Feedback

   • Consult with advisory bodies.
   • Collect comment letters from organizations and individuals.
   • Engage in meetings and events to discuss proposals.

6. Refinement and Issuance

   • Refine proposals based on feedback.
   • Issue the new standard with a start date and launch date.

Implementation and Support

• Support implementation of the new standard.
• Ensure standards work as intended.

Participation

• Anyone can participate in developing standards.
• Opportunity to contribute to global accounting standards.

Learn More

• Further information available about IFRS.