The IASB is the standard- setting body for IFRS. Anyone who uses financial statements should understand the

Question:

The IASB is the standard- setting body for IFRS. Anyone who uses financial statements should understand the process by which standards are set.

Required:

Consult the IASB website (www.ifrs.org). Click “Standards development,” and then “Standard setting process.” Describe the process of standard setting in your own words, including some information about each step in the process.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...