accounting standards

So, basically your question is to explain the difference between the setting up of IFRS & US GAAP.  The setting up process under IFRS begins with an agenda ,  then the reasearch,  then the board makes a decision. Also, once a standard is issued the task isn't over, it is important to maintain it.

Whereas under US GAAP, there is an added step of holding a public meeting, issuing a public comment, host public hearings, re-deliberate based on comments and then the final standard is issued