The existing procedures for setting international accounting standards are now well established. Required: Explain the...
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Accounting
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]
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