The International Accounting Standards Board (IASB) has published an updated version of its handbook outlining the steps involved in developing or revising International Financial Reporting Standards (IFRSs) in its first major revision since 2006.
The Due Process Handbook consolidates the due process requirements of the IASB and the IFRS Interpretations Committee into a single document. It includes a discussion of the process of assessing the likely effects of an IFRS and describes the research programme, which has become the development base from which potential standards-level projects will be identified.
The new publication also outlines the practice that the IASB follows for addressing matters that are narrow in scope, as well as describing how the IASB expects to conduct and complete post implementation reviews.
Scott Evans, chairman of the IASB's Due Process Oversight Committee (DPOC), said: 'This is a major revision to a document that describes the steps the IASB and the Interpretations Committee must follow when developing new IFRSs or interpretations. It represents the culmination of almost two years of work to further improve what is already a highly transparent and robust due process.'
As well as the handbook, the IASB has published a feedback statement summarising the consultation that has taken place. Both are available to download from the DPOC section of the IFRS Foundation website.
