Detailed Understanding the Due Process of Developing Accounting Standards (IFRS) in less than 9 min.

Join us in this informative video as we delve into the due process behind developing accounting standards. Discover the 10 crucial steps, from issue identification and conceptual framework to field tests and public hearings. Learn about the role of the International Accounting Standards Board (IASB), Trustees, and Advisory Council in ensuring transparent and inclusive standard-setting. Gain insights into the importance of consultation with national accounting requirements and practices, as well as the formation of advisory groups. Explore the publishing of discussion documents and exposure drafts, and the meticulous review of comments and feedback. Witness the approval and adoption of accounting standards through voting, followed by the communication of the final standards. Enhance your understanding of the INCA-DER-FAC acronym, which stands for Issue Identification, National Accounting Requirements, Consultation, Advisory Group Formation, Discussion Document Publishing, Exposure Draft Publishing, Reviewing Comments and Feedback, Field Tests and Public Hearings, Approval and Adoption, and Communication of Standards. Subscribe to our channel for more valuable content on accounting standards and stay updated with the latest insights in the field. Don't miss out on this comprehensive exploration of the due process in developing accounting standards!