Developing an IFRS-based standard

The majority of new standards will reflect the Board’s policy of converging with IFRS. Unless there is an overwhelming case why a requirement of an IFRS should be altered for application in the UK, the Board will propose only those changes from an IFRS that are essential for the standard to from part of UK GAAP (for example, changes in cross-references). In such cases, publication of a Discussion Paper may be dispensed with, but a FRED is always issued. In addition, the Board may not always set out its own rationale, but will include the Basis for Conclusions published by the IASB.