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Thursday 18 December 2014

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Agriculture: Bearer Plants


 Due process steps

Stage 1: Current stage

 

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 to discuss topic

Project Website contains a full description with up-to-date information on the project

Meeting papers posted in a timely fashion

The IASB discussed the issues under the project at its December 2012 and February 2013 meetings

The project website contains a full description of the project with up-to-date information on progress, including meeting papers, decision summaries and IASB meeting webcasts (all posted on a timely basis)

Consultation with the Trustees and the IFRS Advisory Council

Required

Discussions with the IFRS Advisory Council on topic

The project proposal was discussed at the October 2012 meeting of the IFRS Advisory Council

The IASB’s progress on the project was reported to the Trustees and the DPOC at their October 2012 and January 2013 meetings

Consultative groups utilised, if formed

Optional

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

Consultative group review of draft Exposure Draft

Not considered necessary because this is a limited-scope project with limited changes affecting a narrow industry

Fieldwork undertaken in analysing proposals

Optional

IASB describes approach taken on fieldwork

IASB explains why it does not believe fieldwork is warranted, if that is the preferred path

Extent of field tests

Not considered necessary due to the research performed by the MASB and also the high response rate from plantation companies on the IASB’s Agenda Consultation and throughout the project

Outreach meetings with a broad range of stakeholders, with special effort for investors

Optional

Extent of meetings held and location

Evidence of specific targeted efforts for investors

Sufficient information has been received via work performed by the MASB, meetings of national standard setters, feedback from plantation companies on the IASB’s Agenda Consultation and throughout the project, and also user outreach

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

Not considered necessary as this is a short-term limited-scope project and changes proposed are relatively straight-forward

Public discussions with representative groups

Optional

Extent of discussions held

The project has been discussed several times by national standard setters and the IASB’s Emerging Economies Group. We have had significant feedback from plantation companies on the IASB’s Agenda Consultation and throughout the project. Therefore it is considered unnecessary to hold public discussions with representative groups for this limited-scope project

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

Optional

Extent and results of surveys

Not considered necessary because only one approach is being considered under this limited scope project

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

Optional

Schedule of meetings held in these forums

The project has been discussed several times by national standard setters

Round-tables between external participants and members of the IASB

Optional

Extent of meetings held

Not considered necessary because this is a limited-scope project with limited changes affecting a narrow industry

Analysis of likely effects of the forthcoming IFRS or major amendment, for example, costs or ongoing associated costs

Required

Publication of effect analysis as part of basis for conclusions

The IASB has paid particular attention to the effect the proposals would have on preparers and users of the financial statements. The IASB plans to include an analysis of likely effects in the Basis for Conclusions to the forthcoming revised Exposure Draft. A preliminary effect analysis is provided in paragraphs 14 to 18 of this paper

Finalisation:
Due process steps reviewed by IASB

Required

Summary of all due process steps discussed by the Board before an IFRS is issued

This Agenda Paper 10 provides a summary of all due process steps for the IASB’s review

The staff will provide the DPOC with a copy of this Agenda Paper 10

Exposure Draft has appropriate comment period

Required

IASB sets comment period for response

Any period outside the normal comment period requires explanation from IASB to DPOC, and subsequent approval

We plan to ask the IASB for permission to ballot and to set the appropriate comment period at this meeting

Drafting:
Drafting quality assurance steps are adequate

Required

Translations team included in review process

To be done in due course

Drafting quality assurance steps are adequate

Required

XBRL team included in review process

To be done in due course

Drafting quality assurance steps are adequate

Optional

External reviewers used to review drafts for editorial review and comments collected and considered by the IASB

Not considered necessary because this is a limited-scope project with limited changes

Drafting quality assurance steps are adequate

Optional

Drafts for editorial review made available to members of IFASS and comments collected and considered by the IASB

Not considered necessary because this is a limited-scope project with limited changes. The project has been discussed several times by national standard setters

Drafting quality assurance steps are adequate

Optional

eview draft posted on project website

Not considered necessary because this is a limited-scope project with limited changes

Publication:
Exposure Draft published

Required

Exposure Draft posted on IASB website

The IASB published the Exposure Draft on 26 June 2013

Press release to announce publication of Exposure Draft

Required

Press release published

Media coverage

A press release announcing the publication of the Exposure Draft was issued on 26 June 2013

Snapshot document to explain the rationale and basic concepts included in the exposure draft

Optional

Snapshot posted on IASB Website

Not considered necessary because this is a limited-scope project with limited changes