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Saturday 30 August 2014

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Equity Method in Separate Financial Statements


Due process steps

Stage 1: Exposure Draft

 

Step Required/
Optional
Metrics or
evidence
Evidence provided to DPOCActions
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 by the IASB at its meetings in May 2013 and September 2013. The IASB decided at its September 2013 meeting to expose the proposal.

The project webpage contains full description and up-to-date information including the staff papers and links to the relevant sections of the IASB Update.

The staff papers were posted in a timely fashion.

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.

In May 2012, IASB added, among other projects, this narrow scope project to its agenda pursuant to the 2011 Agenda Consultation. The proposals discussed in that meeting were presented to the Advisory Council in June 2012.

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.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

Public discussions with representative groups.

Optional

Extent of discussions held.

The DPOC has received a report of outreach activities.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

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.

Not required as this is a narrow scope project

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.

Sine this is a narrow scope project, the staff believes that an effect analysis is not necessary. However, the staff analysed the effect of the proposed amendment on initial and ongoing costs, which is documented in the staff papers.