The following is the process used by international accounting standard board (IASB) to make IFRS:
- IASB staff review all the issues associated with topic and consider the application of the IASB framework to the issues .
- Study of national accounting requirements.
- consulting the IASB standard advisory board (SAB) about the advisability of adding the topic to IASB agenda
- formation of an advisory group to give advice to IASB on the project
- Publishing of discussion document for public comments
- publishing an exposure draft and basis for conclusions
- Consideration of all comments received
- Consideration of the possibility of holding a public hearing
- Approval and publishing of standard and a basis for conclusion