Global Standards for the world economy

Wednesday 27 January 2021

Banner graphic


How we develop IFRS Standards

International Financial Reporting Standards (IFRS Standards) are developed through an international consultation process, the "due process", which involves interested individuals and organisations from around the world.

The due process comprises six stages, with the Trustees of the IFRS Foundation having the opportunity to ensure compliance at various points throughout:

  1. Setting the agenda
  2. Planning the project
  3. Developing and publishing the Discussion Paper, including public consultation
  4. Developing and publishing the Exposure Draft, including public consultation
  5. Developing and publishing the Standard
  6. Procedures after a Standard is issued


IASB standard-setting process
* Published for public comment