Section 55: Procedure for setting standards.

(1) In the exercise of its powers for developing and issuing standards, a Directorate of the Council shall adopt the following procedures-
(a) identify accounting, auditing or financial reporting issues that require standardization, prepare and publish exposure drafts, conduct a public hearing where necessary and prepare a draft statement of accounting standards;
(b) submit the draft statement of accounting, auditing or financial standards prepared in accordance with sub-section 1 (a) of this section to the Council for ratification and thereafter, the Council shall issue the standards;
(c) ratify such statements of accounting, auditing and financial reporting standards prepared in accordance with this section; and
(d) thereafter, the statements of accounting, auditing or financial reporting standards shall be published.
(2) Any relevant standard issued by a relevant international body shall be adopted by the Council in accordance with the procedure in sub-section (1) of this section.
(3) Each Directorate shall appoint working groups in order to accomplish its objectives and where appropriate, in consultation with the Chairman of the Council.