Welcome to the website of the IFRS Foundation and the IASB

Thursday 30 October 2014

Banner graphic

Amendments to IAS 1

Amendments to IAS 1


 Due process steps: Disclosure Initiative

Stage 2: Exposure Draft

 

Step Required/
Optional
Metrics or
evidence
Actions
Board meetings held in public, with papers available for observers. All decisions are made in public session.

Required

Meetings held.

Project website contains a full description with up-to-date information.

Meeting papers posted in a timely fashion.

The IASB discussed the proposed Disclosure Initiative Amendments to IAS 1 in its September, October, November 2013 and January 2014 meetings. All papers were available to observers.

The project website contains a full description of the project with up-to-date information both now and throughout the project.

All meetings papers have been posted in a timely fashion.

Consultation with the Trustees and the Advisory Council.

Required

Discussions with the Advisory Council.

Disclosure Initiative discussed with Advisory Council at its February 2013 meeting.

The Disclosure Initiative Amendments to IAS 1 project was included in the technical update provided to the Advisory Council in October 2013.

The Disclosure Initiative Amendments to IAS 1 project was included in the technical update/report of the IASB chair in the October 2013 and January 2014 trustees meetings.

Consultative groups used, if formed.

Optional

Extent of consultative group meetings, and evidence of substantive involvement in issues.

Consultative group review of the draft ED.

Because of the narrow focus of these amendments, no consultative group was deemed necessary.

Fieldwork is undertaken to analyse proposals.

Optional

The IASB has described publicly the approach taken on fieldwork.

The IASB has explained to the DPOC why it does not believe fieldwork is warranted, if that is the preferred path.

Extent of field tests taken.

Because of the narrow focus of these amendments, no fieldwork was deemed necessary.

Outreach meetings with a broad range of stakeholders, with special effort to consult investors.

Optional

Extent of meetings held.

Evidence of specific targeted efforts to consult investors.

Some of the Disclosure Initiative IAS 1 amendments were discussed with CMAC, GPF, WSS and ASAF. No further outreach meetings were deemed necessary because of the narrow focus of these amendments.

Webcasts and podcasts to provide interested parties with high-level updates or other useful information about specific projects.

Optional

Extent of, and participation in, webcasts.

A live web presentation was given in December 2013 about an overview of the Disclosure Initiative, including the Disclosure Initiative Amendments to IAS 1.

Public discussions with representative groups.

Optional

Extent of discussions held.

Some of the Disclosure Initiative IAS 1 amendments were discussed with CMAC, GPF and ASAF. No specific public discussions with representative groups were deemed necessary because of the narrow focus of these amendments..

Online survey to generate evidence in support of or against a particular approach.

Optional

Extent and results of surveys.

Not required, because these are narrow-focus amendments.

The IASB hosts regional discussion forums, where possible, with national standard-setters.

Optional

Extent and results of surveys.

Not required, because these are narrow-focus amendments.

Round-table meetings between external participants and members of the IASB.

Optional

Extent of meetings held.

Not required, because these are narrow-focus amendments.

Analysis of the likely effects of the forthcoming Standard or major amendment, for example, initial costs or ongoing associated costs.

Required

Publication of the Effect Analysis as part of the Basis for Conclusions.

Not required, because these are narrow-focus amendments, not a forthcoming Standard or major amendment.

Finalisation:
Due process steps reviewed by the IASB.

Required

Summary of all due process steps discussed by the IASB before a Standard is issued.

Due process steps reviewed by IASB in its January 2014 meeting.

The ED has an appropriate comment period.

Required

The period has been set by the IASB.

If outside the normal comment period, an explanation from the IASB to the DPOC has been provided, and the decision has been approved.

The ED was issued with a 120 day comment period. This is inside the normal comment period.

Drafting
Drafting quality assurance steps are adequate.

Required

The Translations team has been included in the review process.

The Translations team have been included in the review process.

Drafting quality assurance steps are adequate.

Required

The XBRL team has been included in the review process.

The XBRL team has been included in the review process.

Drafting quality assurance steps are adequate.

Optional

The Editorial team has been included in the review process.

In addition, external reviewers are used to review drafts for editorial review and the comments collected are considered by the IASB.

The Editorial team has been included in the review process.

External reviewers were used to review drafts for editorial review and the substantive comments received were provided to the IASB for consideration.

Drafting quality assurance steps are adequate.

Optional

Drafts for editorial review have been made available to members of the International Forum of Accounting Standard-Setters (IFASS) and the comments have been collected and considered by the IASB.

Optional step was not taken.

These are narrow-focus amendments and so a more extensive external review was not deemed necessary.

Drafting quality assurance steps are adequate.

Optional

Review draft has been posted on the project website.

Optional step was not taken.

These are narrow-focus amendments and so it was not deemed necessary.

Publication
ED published.

Required

ED has been posted on the IASB website.

The ED has been published on the IASB website.

Press release to announce publication of ED.

Required

Press Release has been published.

A Press Release to announce the publication of the ED has been published.

Snapshot document to explain the rationale and basic concepts included in the ED.

Optional

Snapshot has been posted on the IASB website.

No snapshot document was deemed necessary given the narrow focus of these amendments.