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Tuesday 29 July 2014

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Employee Benefits: Defined Benefit Plans: Employee Contributions


Due process steps

Stage 1: Exposure Draft

 

Step Required/
Optional
Metrics or
evidence
Protocol for and evidence
provided to DPOC
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.

Members of the IASB have discussed with the DPOC the progress of the due process that is being conducted on major projects.

The DPOC has reviewed, when appropriate, the comments that have been received from interested parties on the due process that the IASB followed.

This issue was discussed on the basis of publicly available agenda papers at the IFRS Interpretations Committee (the Interpretations Committee) meetings in September, November 2012 and January 2013.

The results of the discussions of the Interpretations Committee was also summarised in the IFRIC Update for the meetings.

Afterwards, the IASB discussed the issue at its February 2013 meeting and decided to add this issue to its agenda and to propose a narrow-scope amendment to IAS 19.

The IASB published the proposals for amendments to IAS 19 Defined Benefit Plans: Employee Contributions on 25 March 2013.

The project webpage for the proposed amendments is live and can be accessed here.

Consultation with the Trustees and the Advisory Council.

Required

Discussions with the Advisory Council.

The DPOC has met with the Advisory Council to understand stakeholders’ perspectives.

The Advisory Council Chair is invited to Trustees’ meetings and meetings of the DPOC.

This proposed amendment is part of the IASB’s and the Interpretations Committee’s work on maintenance of IFRSs.

The proposed amendment is narrow in scope and occupies little of the IASB’s time. Given the limited nature of the project and the narrow scope of the proposed amendment, the IASB does not undertake a separate consultation with the Advisory Council.

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.

The DPOC has received from the IASB a report of the activity of the consultative group.

N/A

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.

If the IASB has deemed fieldwork to not be a requirement, the DPOC will have the opportunity to discuss and review the IASB’s explanation for its decision.

The DPOC has received a report of fieldwork activities and how findings have been taken into consideration by IASB.

N/A

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.

The DPOC has received a report of outreach activities. The DPOC and the IASB have reviewed the outreach plan for the ED and its approach to the optional steps to ensure extensive outreach and public consultation.

The staff did conduct outreach with the IFASS group and the IASB’s Employee Benefits Working Group.

The results from the outreach were discussed by the Interpretations Committee at its meeting in September 2012 and presented to the IASB in February 2013.

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.

The DPOC has received a report of outreach activities.

N/A

Public discussions with representative groups.

Optional

Extent of discussions held.

The DPOC has received a report of outreach activities.

N/A

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

Optional

Extent and results of surveys.

The DPOC has received a report of outreach activities.

N/A

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

Optional

Schedule of meetings held in these forums.

The DPOC has received a report of outreach activities.

N/A

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

Optional

Extent of meetings held.

The DPOC has received a report of outreach activities.

N/A

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.

The IASB has reviewed, with the DPOC, the results of the Effect Analysis and how it has considered such findings in the proposed Standard.

The IASB has provided a copy of the Effect Analysis to the DPOC at the point of the Standard’s publication.

The staff assessed the likely effects of the proposed amendment as limited because the scope of the proposed amendment is narrow.

The financial reporting effects of the proposed amendment are described in the Basis for Conclusions of the pre-ballot draft.

Finalisation:
Due process steps reviewed by the IASB.

Required

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

The DPOC has received a summary report of the due process steps that have been followed before the Exposure Draft is issued.

This step was met by the staff paper presented to the IASB in March 2013.

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 DPOC has received notice of any change in the comment period length and has provided approval if required.

The IASB agreed at its February 2013 meeting that the comment period for this Exposure Draft should be no less than 120 days, which is the normal comment period in accordance with the due process handbook.

Drafting:
Drafting quality assurance steps are adequate.

Required

The Translations team has been included in the review process.

The DPOC has received a summary report of the due process steps that have been followed before the ED is issued.

The Translation team has reviewed the pre ballot draft, the ballot draft and the post ballot draft of these proposals.

Drafting quality assurance steps are adequate.

Required

The XBRL team has been included in the review process.

The DPOC has received a summary report of the due process steps that have been followed before the ED is issued.

The XBRL team has reviewed the pre ballot draft, the ballot draft and the post ballot draft of these proposals.

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 DPOC has received a summary report of the due process steps that have been followed before the ED is issued, including the extent to which external reviewers have been used in the drafting process.

The Editorial team has reviewed the pre ballot draft, the ballot draft and the post ballot draft of these proposals.

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.

The DPOC has received a summary report of the due process steps that have been followed before the Exposure Draft is issued.

N/A

Drafting quality assurance steps are adequate.

Optional

Review draft has been posted on the project website.

The DPOC has received a summary report of the due process steps that have been followed before the Exposure Draft is issued.

N/A

Publication:
ED published.

Required

ED has been posted on the IASB website.

The DPOC has been informed of the release of the ED.

The IASB published the proposals for amendments to IAS 19 Defined Benefit Plans: Employee Contributions on 25 March 2013.

Press release to announce publication of ED.

Required

Press Release has been published.

Media coverage of the release.

The DPOC has been informed of the release of the ED.

Press release was made on 25 March 2013.

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

Optional

Snapshot has been posted on the IASB website.

The DPOC has received a report of outreach activities.

The Snapshot has been sent to DPOC members.

N/A