The Position paper is geared towards helping standard setters implement 'effect analysis' in the standard setting process. The goal is to enhance the transparency of due process and to increase the accountability and credibility of the standard setter. The Position paper recommends four steps to use when performing effect analysis. The four steps are:
Step 1:
Formulate the entire plan of effect analysis, explaining the intended outcomes at the agenda setting stage;
Step 2:
Encourage input on anticipated effects when due process documents are issued;
Step 3:
Document a summary of inputs from stakeholders by collecting all evidence received, and make the document publicly available; and
Step 4:
Measure actual effects during the process of post-implementation reviews.
The related Feedback Statement provides a summary of the main issues respondents had from the January 2011 Discussion Paper 'Considering the Effects of Accounting Standards.'
Click to view (links to EFRAG web site):