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Friday 27 November 2015

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IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets: Clarification of acceptable methods of depreciation and amortisation

 Due process steps

Stage 1: Exposure Draft 


StepMetrics or evidenceActions/staff comments
IASB meetings held in public, with papers available for observers
All decisions are made in public sessions

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 issues were discussed and approved for inclusion in the 2011-2013 cycle of the Annual Improvements process by the IASB in its meetings in February, April, June and September 2012
Project webpage was updated by the staff after every Interpretations Committee or IASB meeting in which issues proposed for inclusion in Annual Improvements were discussed
Agenda papers posted on the website before every Interpretations Committee or IASB meeting

Drafting quality assurance steps are adequate

Translations team included in review process

Translations team has reviewed the draft Exposure Draft

Drafting quality assurance steps are adequate

XBRL team included in review process

XBRL team has reviewed the draft Exposure Draft

The Exposure Draft has appropriate comment period

Interpretations Committee sets comment period for response
Any period outside the normal comment period requires an explanation from the IASB to DPOC, and subsequent approval

In this paper we are recommending that the IASB should allow a period of 120 days for comment on the Exposure Draft. The IASB proposed a longer comment period to allow more time for those affected to assess the extent of the impact of the proposed amendment and to undertake outreach to them.

A check is performed to ensure that each amendment included in the package meets the Annual Improvements criteria


All the papers presented to the IASB included an assessment of the proposed amendments against the Annual Improvements criteria.

Due process steps reviewed by IASB

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

The Exposure Draft will be posted on the IFRS website when published.

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