Due Process Handbook for the IASB BV2009

Due Process Handbook for the IASB BV2009 - IASB Due Process...

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IASB Due Process Handbook International Accounting Standards Committee Foundation Due Process Handbook for the International Accounting Standards Board (IASB) Approved by the Trustees March 2006 © IASCF 1
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IASB Due Process Handbook C ONTENTS paragraphs HANDBOOK OF CONSULTATIVE ARRANGEMENTS INTERNATIONAL ACCOUNTING STANDARDS BOARD I INTRODUCTION 1–3 II SUMMARY 4–17 Transparency and accessibility 10–11 Extensive consultation and responsiveness 12–15 Accountability 16–17 III THE SIX STAGES OF STANDARD-SETTING 18–51 Stage 1: Setting the agenda 19–26 Stage 2: Project planning 27–29 Stage 3: Development and publication of a discussion paper 30–37 Stage 4: Development and publication of an exposure draft 38–44 Stage 5: Development and publication of an IFRS 45–49 Stage 6: Procedures after an IFRS is issued 50–51 IV HOW THE DUE PROCESS IS APPLIED 52–66 Setting the agenda 52–61 Project planning 62–66 IASB meetings 67–73 Balloting and drafting 74–81 Liaison activities 82–85 Consultation with the SAC 86–89 Working groups 90–93 Comment letters 94–96 Comment period 97–98 Field visits and field tests 99–102 Public hearings (including round-tables) 103–106 Cost/benefit analysis 107–108 Information on the organisation’s Website 109 ‘Comply or explain’ approach 110–112 Trustees’ oversight role 113–115 APPENDIX I The IASB’s due process: extracts from the Constitution not reproduced here APPENDIX II Due process: extract from the Preface to International Financial Reporting Standards not reproduced here APPENDIX III Standards Advisory Council: Terms of reference and operating procedures I Objectives and scope of activities II Composition and membership III Chairman 2 © IASCF
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IASB Due Process Handbook IV Operating procedures V Travel and accommodation costs VI Approval and changes APPENDIX IV The Trustees’ oversight role—extract from the Constitution not reproduced here © IASCF 3
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IASB Due Process Handbook HANDBOOK OF CONSULTATIVE ARRANGEMENTS International Accounting Standards Board I Introduction 1 This Handbook describes the consultative arrangements of the International Accounting Standards Board (IASB). It is based on the existing framework of the due process laid out in the Constitution of the International Accounting Standards Committee (IASC) Foundation and the Preface to International Financial Reporting Standards (IFRSs) issued by the IASB. It reflects the public consultation conducted by the IASB in 2004 and 2005. 2 The Trustees of the IASC Foundation have set up a committee—the Trustees’ Procedures Committee—with the task of regularly reviewing and, if necessary, amending the procedures of due process in the light of experience and comments from the IASB and constituents. The Committee reviews proposed procedures for the IASB’s due process on new projects and the composition of working groups and ensures that their membership reflects a diversity of views and expertise. 3
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Due Process Handbook for the IASB BV2009 - IASB Due Process...

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