"IntroductionThe IFRS trustees founded the IASB during the ongoing process of a reputationresearch study. This discussion aims at evaluating and identifying the majorweaknesses of IASB. Setting of standards under the umbrella of IASB is too difficult aswell as complex to form. In addition, the complexity level in these standards is quite highto deal with. Another major weakness is that one has to have the patience to wait for alonger time for the reply or response (Sweet, 2017). „Reputation Research Report 2017” of IFRS provides mare details on this.According to the report, „Ebiquity?, an independent research agency, was involved inconducting a research where 50 senior stakeholders were interviewed. The interviewwas conducted all across the world through various modes and one of them is theonline survey. A separate survey was conducted only for the IASB staffs and the datawas kept isolated. Issues IdentifiedUpon analysis, it was found that the research has to encounter with lot of issues,especially with long duration of consultation and development phases. The researchprocess also lack proper balance between the foundation speed, the transparency ofthe process and the due date. Apart from this observations, the IASB staffs also addedthat the concept of the research is too conceptual and technical that becomes difficultfor a common individual to understand. The staffs suggested that the research staffsincluded the fact that the problem solving approach could have been more workable, practical and simple too. Even formal dialogues, outside event and trainings could alsohelp in simplifying the entire process (IFRS Foundation, 2017, p.7). One of the major highlight of the issues response is that the small companieslong with the new companies are facing the changes with accepting and implementingthe standards. It would be good if a problem solving approach could be adopted so thatit could be beneficial or these group. Michel Prada, one of the IFRS Foundation Trustee,said that agenda of the IFRS should be well aligned with the working principles thatwould be beneficial for the public and should inclined towards serving the organizationeffectively (IFRS Foundation, 2017, p.4). The Ebiquity Research Report states that theworking mission of the IFRS is being successful and they were able to fulfil the termsand condition tow work for the interest of the public. The success of the EbiquityResearch Report depends on the independency, high level of professionalism andtransparency involved in the process. The survey complied its outcome and the IFRSagreed to the feedback gathered. They also ensured that they have already startedrectifying the gaps and working on the issues faced IFRS Foundation, 2017, p.6). Theoretical AnalysisThe International Financial Reporting Standards (IFRS) was developed by theInternational Accounting Standards Board (IASB) and the same was being usedworldwide. These standards helps in prescribing the organizations the ways by whichthey can create their financial statements. This concept signifies that the process isprescriptive in nature and thus it gives rise to a theory called Normative Theory. Thisnormative theory helps in prescribing the specified actions or processes that need to be followed. They mostly emphasized on the value creation in the reporting. This theoryalso talks about the principles that need to be followed at each steps while developingthe reports. Five critical steps need to be followed while developing the reports and thesame has been discussed below,? Setting the agenda – A feedback survey is been conducted in every five years bythe board. This helps in prioritizing the work and accordingly the planning iscreated. Various topics are posted and accordingly the reviews andimplementation works is been carried out. ? Setting-standard program – Discussion papers are been reviewed and analyzedso that any change could be implemented. If any issues are coming up, theprogram involve implementing various strategies that could be used to implementchange and manage it effectively. ? Research Programme – Various issues related to the research are beenconducted by the IFRS so as to identify various standards that could be usedeither for publishing or for providing it to the public for their feedbacks, commentsor advices that could be used for reviewing the standards.? Maintenance programme - The IFRS Interpretations Committee supports theimplementation plan. They ensures that the standards provided were beenmaintained effectively. The scope of amendments to the established standards isbeen analyzed if the same needs to be applied. ? Post- implementation reviews – The research is been conducted even after yearsof the exact research work. This is because they need to evaluate the effectiveness of standards are valid or not and if so what kind of improvements isrequired (IFRS How we set IFRS Standards, 2017).Deductive reasoning sit eh base of setting the standards for the research process. Italso applies specific logics while establishing the standards. Observation is the base ofthe deductive reasoning (Deegan, 2014, p. 8). Theories, which other researchers haveused, could be analyzed and tested for deriving new standards for the new researchwork. Ebiquity research is similar to the IFRS concept of standard setting. Both arebased on the deductive process but not going beyond tat or applying the concept ofinvention. Working on public interest is the main objective of the IFRS and it organizes itselfas per the public interest theory. Details of standards, the principles and the theories arebased on the theory regulated concept that are effectively described in a book titled,“the public interest theory states that- regulation is based on the demand of public whowant the development of inefficient and inequitable market practices.” ( Deegan,2014,p.79). A nice synchronization is established between the theory captured and thetheory of private interest that could be easily applied in recognizing the issues that areavailable in a new article. Evaluation of the Issues with respect to the Theories1. Issue – The standards setting process is quite weak and is highly complex todeal with. This is the major issues associated with slow response and time gapsin responding. IASB is having a relation with the setting of the standards and therelation could be analyzed with respect t to the theory below.Theory – This theory helps in suggesting that the standard setting included in the IFRSprocess. Considering all the factors, lowest rating is given to the responsiveness andthe timeliness. They have the lowest attributable rating (IFRS Foundation pp.13). TheEbiquity Research Report states that the working mission of the IFRS is beingsuccessful and they were able to fulfil the terms and condition tow work for the interestof the public. The success of this highly Ebiquity Research Report depends on theindependency, high level of professionalism and transparency involved in the process. The survey complied its outcome and the IFRS agreed to the feedback gathered. Aconceptual framework is been established for the standards setting and it has two maincharacteristics, one is the relevance and the other is the faithfulness. Thesecharacteristic qualities helps in enhancing the timeliness, compatibility andunderstandability in the research process and setting the standards (Deegan, 2014,p.214-218). The news article lacks proper understanding and the conceptual frameworkthat helps in incorporating important and essential attributes into the content. 2. Issue – The whole world uses the IFRS standardsTheory – The standards defined by the IFRS are based on specific roles and principles.The main objective of this is to set standards that are transparent, comparable and thequality of them should also be higher. The IFRS reports indicates that the standards setare aimed for meeting the objectives effectively and to harmonizing the standards asper the requirements of the IFRS objectives (IFRS Foundation pp.15). The concept ofharmonization refers to the ability of the standards to be compatible with the standardssetting that are been used globally (Deegan,2014, pp. 112-114). The standards are "