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Illustration 1.8 shows the various stages in producing an international standard. ILLUSTRATION 1.8 Evolution of a New or Revised IFRS22 An illustration depicting evolution of
Illustration 1.8 shows the various stages in producing an international standard. ILLUSTRATION 1.8 Evolution of a New or Revised IFRS22 An illustration depicting evolution of a new or revised I F R S shows a 4-level chart with the following stages: Agenda consultation which includes Public request for information and 3 to 5 year plan. Research programme which includes Research, Discussion paper, Public comment, and Agenda proposal. Standards development which includes Exposure draft, Public comment, and Final I F R S standard. Implementation which includes Interpretation or narrow-scope amendment with public comment process and Post-implementation review. The process is very similar to the Canadian and U.S. processes. One difference is the increased and more common use of discussion papers (DPs). DPs are often the predecessors of exposure drafts (EDs). When IFRS are being formulated, the IASB may issue a DP and ask for comment letters just as it does for EDs. Therefore, by the time the proposed standard gets to the ED stage, many key decisions have already been made.23 The IASB is a dominant global standard-setting body. As of September 2020, 156 countries required or allowed the use of IFRS (with 144 of these countries requiring IFRS for all or most domestic-listed companies).24
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