The most correct description of the stages in the development of AASB accounting standards is:
A) invitation to comment, exposure draft, discussion paper, approval of final standard
B) discussion paper, public comment, exposure draft, approval of final standard
C) discussion paper, exposure draft, approval of final standard, review
D) discussion paper, exposure draft, public comment, approval of final standard

Question

Quizplus · Accepted Answer

The correct stages in the development of AASB accounting standards are discussion paper, exposure draft, public comment, and approval of final standard. The discussion paper is the stage where the AASB outlines the project and seeks feedback on the issues to be addressed. The exposure draft is the stage where the AASB presents a proposed standard for public comment. The public comment period allows stakeholders to provide feedback on the proposed standard. Finally, the AASB considers the feedback received and approves the final standard for publication.

The Most Correct Description of the Stages in the Development