Assuming that the International Accounting Standards Board (IASB) intends to revise an important accounting standard. What IASB needs to consider?

Based on your experience and in your own words, discuss and explain the desired benefit (with proper examples) from revising an accounting standard, and some of the possible costs that could result from a revision of an accounting standard. Discuss what the IASB will do in order to assess possible benefits and costs of a proposed revision of an accounting standard.