Welcome to the website of the IFRS Foundation and the IASB

Monday 01 September 2014

Banner graphic

Phase I: Classification and measurement


Due process steps

Stage 6: Limited Amendments

 

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 to discuss topic

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

Meeting papers posted in a timely fashion

Members of the IASB discuss with DPOC progress on major projects, in relation to the due process being conducted

DPOC reviews comments from interested parties on IASB due process as appropriate

The Board meetings leading to the issue of this Exposure Draft were held in public between November 2011 and July 2012. All decisions were made during those sessions.

The meeting papers were posted in a timely fashion.

The website contained relevant historical information and up-to-date summaries of the decisions reached at the meetings.

Formal consultation with the Trustees and the Advisory Council

Required

Discussions with the Advisory Council on topic

COPY 3 TEXT

DPOC meets with the Advisory Council to understand perspectives of stakeholders on due process of IASB

Advisory Council chair invited to Trustees’ meetings and meetings of DPOC

At the February 2012 Advisory Council meeting, this project was discussed in the session on the financial instruments projects.

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

Required

Publication of effect analysis

IASB reviews with DPOC results of effect analysis and how it has considered such findings in proposed IFRS

IASB provides a copy of the effect analysis to the DPOC at the point of standard’s publication

The staff has analysed the likely effects of the proposed amendments and provided a copy of this analysis to the DPOC when the Exposure Draft is published.

Consultative groups utilised, if formed

Optional

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

Consultative group review of draft Exposure Draft

DPOC receives report of consultative group activity from IASB

The use of a consultative group was not considered necessary in developing these proposals. The proposed amendments respond to practice issues that the IASB has become aware of as a result of its outreach activities.

The Board is proposing limited amendments to an existing IFRS, and constituents had an opportunity to comment on these proposals.

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

Number of field tests

If fieldwork is deemed by the IASB as not required, DPOC to review and discuss the explanation with IASB

DPOC receives a report on fieldwork activities and how findings have been taken into consideration by IASB

The Board did not consider it necessary for separate fieldwork to be performed on the proposed amendments.

The Board is proposing limited amendments to an existing IFRS, and constituents had an opportunity to comment on these proposals.

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

Optional

Number of meetings held and venues documented

Evidence of specific targeted efforts for investors

DPOC receives a report on outreach activities and reviews, with the IASB, the outreach plan for the ED and its approach to the optional steps to ensure extensive outreach and public consultation

The Board conducted focused outreach to gather information needed to develop the proposed amendments. The Board will undertake more extensive outreach during the comment period and redeliberations on the Exposure Draft to consider the views of various constituent groups and jurisdictions.

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

Optional

CNumber of and participation in webcasts

DPOC receives a report on outreach activities

The staff presented webcasts of these proposed amendments on 30 and 31 July. These webcasts and the slides are available for playback/download on the website.

Public discussions with representative groups

Optional

Number of discussions held

DPOC receives a report on outreach activities

This project was discussed with the Capital Markets Advisory Committee and the Global Preparers’ Forum. The agenda papers discussed at the meeting and an audio recording of the session are available on the IASB website for download and playback.

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

Optional

Number and results of surveys

DPOC receives a report on outreach activities

An online survey was not considered necessary in order to develop these proposals.

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

Optional

Schedule of meetings held in these forums

DPOC receives a report on outreach activities

Regional discussion forums were not considered necessary in order to develop these proposals.

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

Optional

Number of meetings held

DPOC receives a report on outreach activities

Round-table meetings were not considered necessary in order to develop these proposals.

Drafting quality assurance steps are adequate

Required

Translations team included in review process

DPOC receives summary report on due process steps followed before an Exposure Draft is issued

The translations team reviewed drafts of these proposals before they were published.

Drafting quality assurance steps are adequate

Required

XBRL team included in review process

DPOC receives summary report on due process steps followed before an Exposure Draft is issued

The XBRL team reviewed drafts of these proposals before they were published.

Drafting quality assurance steps are adequate

Optional

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

DPOC receives summary report on due process steps followed before an Exposure Draft is issued, including the extent to which external reviewers have been used in the drafting process

Drafts of the proposed amendments were sent to external reviewers. Their comments were collected and considered in the drafting process.

Drafting quality assurance steps are adequate

Optional

Review draft made available to members of IFASS and comments collected and considered by the IASB

DPOC receives summary report on due process steps followed before an Exposure Draft is issued

Drafts of the proposed amendments will be sent to members of IFASS. Their comments were collected and considered in the drafting process.

Drafting quality assurance steps are adequate

Optional

Review draft posted on project website

DPOC receives summary report on due process steps followed before an Exposure Draft is issued

A review draft of these proposals was not considered necessary. The Board is proposing limited amendments to an existing IFRS and constituents had the opportunity to comment on the proposals when they are published.

Due process steps reviewed by IASB

Required

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

DPOC receives summary report on due process steps followed before an Exposure Draft is issued

This paper provides an analysis for a Board discussion on the due process steps undertaken in this project.

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

DPOC receives notice of any change in comment period length and approval if required

In Agenda Paper 6E from this meeting, the staff recommend a standard comment period of 120 days.

Press release to announce publication of Exposure Draft

Optional

Press release published

Media coverage

DPOC informed of the release of the Exposure Draft

A press release was when these proposals were published.

Snapshot document to explain the rationale and basic concepts included in the Exposure Draft

Optional

Snapshot posted on IFRS Foundation website

DPOC receives a report on outreach activities

Snapshot sent to DPOC members

A snapshot was issued when these proposals were published.

Exposure Draft published

Required

Exposure Draft posted on IFRS Foundation website

DPOC informed of the release of the Exposure Draft

The Exposure Draft was posted on the website.