Preface to IASB Standards

Date recorded:

IASB Meeting

IASB has approved an Exposure Draft of a revised Preface to IASB Standards for a public comment period of 90 days. Among other things, the proposal will suggest that:

  • New IASB Standards will be called International Financial Reporting Standards
  • IFRS will apply to general purpose financial statements of profit-oriented entities
  • All paragraphs in the Standards are of equal authority (no more black-letter and grey-letter)
  • An objective of IASB is to reconsider allowed alternatives
  • Due process for interpretations will include negative clearance of Drafts by the IASB as well as approval of final interpretations (at least 8 votes)
  • Due process for standards will normally include an advisory group, a discussion document, an exposure draft (at least 8 votes required), and approval of a final standard (again at least 8 votes)
  • Both EDs and final Standards will include dissenting views of IASB members and a basis for conclusions.

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