The correct answer is: Discussion Paper, feedback, Exposure Draft, feedback, International Financial Reporting Standard.

Feedback from the accountancy profession, lawyers, lenders and any other users of the accounts or relevant interest groups is a vital part of the issuing process.

It helps to ensure consensus and therefore the credibility of the standard that is finally issued.

The first stage in the process is the issuing of a Discussion Paper that is usually sent to known interest groups for feedback. This is then incorporated into the Exposure Draft, which is published in all relevant press and circulated widely. Again feedback is taken into account before the final International Financial Reporting Standard is produced.