BC16 The Exposure Draft proposed that in the absence of a Standard or an Interpretation specifically applying to an item, management should develop and apply an accounting policy by considering, among other guidance, pronouncements of other standard‑setting bodies that use a similar conceptual framework to develop accounting standards. Respondents to the Exposure Draft commented that this could require entities to consider the pronouncements of various other standard‑setting bodies when IASB guidance does not exist. Some commentators argued that, for example, it could require consideration of all components of US GAAP on some topics. After considering these comments, the Board decided that the Standard should indicate that considering such pronouncements is voluntary (see paragraph 12 of the Standard).
BC17 As proposed in the Exposure Draft, the Standard states that pronouncements of other standard‑setting bodies are used only if they do not conflict with:
(a) the requirements an
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