Accounting · Accounting Standards
Which of the following statements regarding the IASB's due process is CORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Publishing a Discussion Paper (DP) is a mandatory step that must precede an Exposure Draft (ED).
- 2Publishing an Exposure Draft (ED) for public comment is not a mandatory step in due process.
- 3An Exposure Draft (ED) is exposed for public comments for a minimum of 90 days.
- 4At least 8 of 14 members of the IASB (or 9 when there are 15 or 16 members) must approve a new IFRS Accounting Standard before publication.✓
Correct answer
At least 8 of 14 members of the IASB (or 9 when there are 15 or 16 members) must approve a new IFRS Accounting Standard before publication.
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