BC13 The Exposure Draft proposed that when a Standard or an Interpretation applies to an item in the financial statements, the accounting policy (or policies) applied to that item is (are) determined by considering the following in descending order:

(a) the Standard (including any Appendices that form part of the Standard);

(b) the Interpretation;

(c) Appendices to the Standard that do not form a part of the Standard; and

(d) Implementation Guidance issued in respect of the Standard.

BC14 The Board decided not to set out a hierarchy of requirements for these circumstances. The Standard requires only applicable IFRSs to be applied. In addition, it does not mention Appendices.