As a newly qualified accountant with The Institute of Chartered Accountants (Ghana) (ICAG), you are asked to make a short presentation to the rest of the staff in the accounting and finance department of your employer who are themselves yet to join ICAG as students about the standard setting process adopted by the International Accounting Standards Board.
Required:
Discuss the standard setting process as adopted by the IASB to these junior staff. (5 marks)
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The following summarizes the key steps in the standard setting process:
International Financial after considering all comments received, an IFRS is Reporting Standard approved by at least 8 votes (of 14) of the IASB. The final standard includes both a basis for conclusions and any dissenting opinions.