Developing standards through an open and inclusive process is an important part of our role as the Global Accounting Standards Setter. But how does that process work and how can you get involved? The first stage for any project is typically our research programme.
Here we explore the issues and identify possible solutions. Often, we set out our ideas in a discussion paper and seek feedback on how to proceed. We select which projects should graduate to the actual standard setting phase. Then we begin to sketch out what the new accounting standard might look like. Our work is completely transparent.
People can observe our board meetings and read our papers. When the draft standard is ready, we publish it as an exposure draft. We work hard to encourage feedback from around the world on our proposals. Anyone can participate and contribute.
We also consult with our advisory bodies. During the process, we often receive several hundred comment letters on our proposals from organisations and individuals, and we take part in hundreds of meetings and events to discuss them. Based on the feedback, we make further refinements before we issue the new standard.
Every new standard has a start date and a date of launch. that gives plenty of time for countries to authorise its use and for companies to prepare for the new requirements. Once issued, we support implementation of the standard and make sure it is working as intended.
And that is how you help us to set accounting standards for the global economy. Find out more about IFRS here.