Chapter 5

IASB’s Standard-Setting Process

People who are used to dealing with the FASB will not find the operation of the IASB much different. The IASB might make greater use of discussion papers that state their preliminary views on a subject. Their exposure periods are longer as are their delays before implementation in order to give time for translations to be made and for standards to be incorporated in the law in jurisdictions where that is a requirement.

On major topics, the IASB holds roundtables in different parts of the world. Its board members travel the world frequently to have meetings with national standard-setters and constituents. Typically, the national standard-setter retains an important role after adoption of IFRS in terms ...

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