The latter is concerned with the existence of the organization i.e. it is considered that a company will continue existing in the future. The International Accounting Standard Board gives importance to the usefulness of maintenance of proper financial statements which are required by many users (Andre, 2009, p 3-24). The process of International Accounting Standard Board to create a standard is prescribed in the framework. The International Accounting Standard Board first identifies and analyses the issues faced by the organizations. Then by studying the national standards it builds an advisory panel which publishes the discussion document. The comment received are then discussed and analyzed. The discussion results into a published draft which in order to be accepted should have at least nine affirmative votes. Considering the comments received, the public interest and the various field tests conducted the final outcome is published. Approval of the final standard should be there by nine affirmative votes. The process and the final conclusion is then discussed to the public by various ways.