The IASB is the standard setting body for IFRS Anyone
The IASB is the standard- setting body for IFRS. Anyone who uses financial statements should understand the process by which standards are set.

Consult the IASB website (http:// www. ifrs. org). Click “Standards development,” and then “Standard setting process.” Describe the process of standard setting in your own words, including some information about each step in the process.

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