The process followed for the development of Standards

Phase 1: Research and develop proposed Standard Phase 2: Focussed stakeholder consultation and amendments to proposed Standard Phase 3: Approve Exposure Draft Phase 4: Public consultation Phase 5: Focused consultation on comments and amend Standard Phase 6: Approval of Standard Phase 7: Consult on effective date Phase 8: Application and implementation

Phase I – Research and development

  • Research and development driven by the Project Brief reviewed by Technical Committee and approved by the Board.
  • Project Briefs approved in September prior to year in which work to commence à for projects started in 2019/20 approved in Sept 2018.
  • Depending on project, assessment would be made of the type of pronouncement to be developed à separate policy.

Phase II – Focused stakeholder consultation and amendments to proposed Standards

  • Project brief identified affected stakeholders who must be consulted.
  • Stakeholders invited to participate in Project Groups (or individual meetings).
  • Project group members volunteer, staff Chair.
  • Project groups review draft documents and make recommendations to the Technical Committee.
  • Minutes kept of project group meetings held.
  • Individual meetings may be held with specific affected parties (if needed).
  • Technical Committee may review draft documents and provide direction while document being developed (Board may not be involved in this stage).

Phase III – Approve Exposure Draft

  • Technical Committee will review Exposure Drafts in detail and discuss relevant issues.
  • Technical Committee will recommend Exposure Draft to the Board for approval.
  • Board will deliberate key issues/recommendations of TC, and if appropriate, approve for issue as an Exposure Draft.
  • Board (and/or TC) may discuss and agree an indicative time period for which the document should be available for public comment.
  • Comment period normally 3 months, but may vary depending on the nature and complexity of the project (timeframe outlined in Preface)

Phase IV – Public consultation

Who should be consulted?

  • Identification of key stakeholders in PB.

How is the public consultation undertaken?

  • Mechanisms vary according to project, availability of key officials, nature and complexity of project, and invitations by organisations.
  • Written responses also received.

Phase V – Focused consultation on comments and amend Standards

  • Project group reviews comments and discusses key issues à make proposals to the Technical Committee.
  • Minutes kept of project group meetings.
  • Individual meetings may be held with specific affected parties (if needed).

Any written and verbal comments received are documented, formally reviewed by:

  • Project group (develop and recommend a response to the Technical Committee).
  • Technical Committee (develop a proposed response).
  • Final response documented after approval of pronouncement/amendment.
  • Summaries of comments received are made available on the ASB’s website once final pronouncement or amendment approved.

Phase VI – Approval of Standard (or other pronouncement)

Technical Committee

  • Discuss key issues raised during consultation, review any proposed amendments, if appropriate recommend pronouncement to the Board for approval.
  • Reviews whether adequate consultation undertaken with stakeholders.
  • Considers if any changes made require re-exposure. Separate policy.


  • Decide whether adequate consultation undertaken with stakeholders based on recommendations of Technical Committee.
  • Discuss proposed changes by Technical Committee and, if needed, discuss any outstanding issues.
  • Discuss proposals regarding re-exposure.
  • Once approved, final pronouncement and comments published on website.
  • Next steps, i.e. transitional provisions, effective dates may vary depending on the nature of the document.
  • Board (and TC) also considers at this stage the level of approval required if an amendment to an existing Standard. Separate policy.

Transitional provisions

If amendment to existing Standard à

(a)Transitional provisions could be included as part of initial Exposure Draft (e.g. less complex amendments like Improvements Project) and approved at this point.

(b)Separate transitional provisions may be developed for more complex revisions).

If separate transitional provisions need to be developed, go on to follow Phase VII.

Effective dates

  • Effective dates may be approved at this point.
  • Will vary depending on whether (a) new pronouncement, (b) new Interpretation, (c) amendment to an existing pronouncement.
  • Governed by separate policy.
  • If not approved now, go to Phase VII.

Level of approval required

  • If amendment to existing Standard à decide if Minister of Finance needs to approve.
  • Submission made either to the Accountant-General of Minister.
  • Level of approval based on criteria in policy. Assessment reviewed by TC and Board.

Phase VII – Consult on effective dates and transitional provisions

  • Process will vary depending on pronouncement.
  • If new Standard, discuss proposed effective dates with trilateral parties.
  • Proposed effective date included in Exposure Draft on Transitional Provisions.
  • Development of Proposed Transitional Provisions follows Phases I to VI.
  • Final transitional provisions included in Directives.
  • For a new Standard, once final transitional provisions issued by the Board, submission made to the Minister of Finance.
  • Submission outlines proposed effective dates.
  • Effective date discussed with OAG and AGSA (meetings of trilateral parties).

Standards of GRAP translated based on policy.

Phase VIII – Application and implementation of pronouncements

  • Application and implementation monitored through discussion at Accounting Forum meetings, discussions on audit issues raised.
  • FAQs issued by the Secretariat for common issues identified (no Board involvement).
  • Post-implementation reviews undertaken based on Board’s policy.