The existing procedures for setting international accounting standards are now well established.

Required:

Explain the roles of the following in relation to the regulatory environment to develop and publish IFRS Standards:

The IFRS Foundation;

The International Accounting Standards Board (IASB);

The IFRS Interpretations Committee. [6 Marks]

c. Explain how the standard-setting authority approaches the task of producing a new financial reporting standard, with particular reference to the ways in which comment or feedback from interested parties is obtained. [10 Marks]