Process before Codification Framework

Type Nature Due process
Recommended Accounting Practices (RAP) Recommended best practices for financial reporting for specific industries, sectors or transactions.
 
RAPs have been approved for issue by the ISCA Council. 		Key activities
1.    Technical issue identified
2.    Research and engage with stakeholders (if required)
3.    Develop RAP
4.    Obtain approval from the relevant ISCA Technical Committee and ISCA Council for public consultation / consultation with targeted stakeholders
5.    Issue exposure draft of RAP for public consultation / consultation with targeted stakeholders (e.g. ACRA, MAS, SGX) and address the comments received
6.    Obtain approval from the ISCA Technical Committee and ISCA Council for issuance of RAP

ISCA Technical Guidances:
 
·  ISCA Technical Bite-Size Guidance (Tech Bite)
 
·  ISCA Technical Guidance 		Technical guidance containing:
-      ISCA’s views and insights on specific financial reporting issues for specific industries, sectors or transactions
-      discussions and highlights of emerging topical financial reporting issues
 
Tech Bites and Technical Guidance have been approved for issue by ISCA Financial Reporting Committee. 		Key activities
1.    Technical issue / need identified
2.    Research
3.    Develop Tech Bite / Technical Guidance
4.    Obtain approval from the ISCA Financial Reporting Committee (FRC) for issuance of Tech Bite / Technical Guidance