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Wednesday 26 November 2014

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Equity Method: Share of Other Net Asset Changes


 Due process steps

Stage 3: Current stage

 

Step Required/
Optional
Metrics or
evidence
Evidence provided to DPOCActions
Consideration of information gathered during consultation:
The IASB posts all of the comment letters that are received in relation to the ED on the project pages.

Required if request issued

Letters posted on the project pages.

The IASB has reported on progress as part of its quarterly report at Trustee meetings, including summary statistics of respondents.

All comment letters that the IASB received on the ED were posted on the project webpage.

Round-tables 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.

IASB meetings are held in public, with papers being available for observers. All decisions are made in public sessions.

Required

Meetings held. Project website contains a full description with up-to-date information. Meeting papers posted in a timely fashion.

Extent of meetings with consultative group held and confirmation that critical issues have been reviewed with them.

The IASB and the DPOC have discussed progress on major projects, in relation to the due process being conducted.

The IASB and the DPOC have reviewed the due process over the project life cycle, and how any issues about the due process have been/are being addressed. The DPOC has met with the Advisory Council to understand stakeholders’ perspectives.

The DPOC has reviewed and responded to comments on due process as appropriate.

The comment letter analysis prepared by the staff was discussed at the July 2013 meeting of the IFRS IC, and the October 2013 meeting of the IASB. The consequences of the application of the proposals in the ED were discussed in the December 2013 and February 2014 meetings of the IASB to check for unintended consequences. The IASB tentatively decided to finalise the amendment.

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 and the IFRIC Update.

The staff papers were posted in a timely fashion.

Analysis of likely effects of the forthcoming Standard or major amendment, for example, costs or on-going associated costs.

Required

Publication of the Effect Analysis.

The IASB and the DPOC have reviewed the results of the Affect 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

Since this is a narrow scope project and the consequences are expected to be limited, the staff believes that an effect analysis is not necessary. However, the IASB considered the effect of the proposed amendment on the costs of applying the amendment at the time of transition, which is documented in the staff papers.

Email alerts are issued to registered recipients.

Optional

Evidence that alerts have occurred.

The DPOC has received a report of outreach activities.

Not required as this is a narrow-scope project.

Outreach meetings to promote debate and hear views on proposals that are published for public comment.

Optional

Extent of meetings held, including efforts aimed at investors.

The DPOC has received a report of outreach activities.

Not required as this is a narrow-scope project.

Regional discussion forums are organised with national standard-setters and 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.

Finalisation:
Due process steps are reviewed by the IASB

Required

Summary of all due process steps have been 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 Standard is issued.

The IASB will review the due process steps in this meeting.

Need for re-exposure of a Standard is considered.

Required

An analysis of the need to re-expose is considered at a public IASB meeting, using the agreed criteria.

The IASB has discussed its thinking on the issue of re-exposure with the DPOC.

The IASB will consider the need for re-exposure in this meeting. The staff recommends finalisation of the amendment (refer to the analysis in this paper).

The IASB sets an effective date for the Standard, considering the need for effective implementation, generally providing at least a year.

Required

Effective date set, with full consideration of the implementation challenges.

The IASB has discussed any proposed shortening of the period for effective application with the DPOC.

The IASB will discuss the mandatory effective date for the final amendment in this meeting. The staff recommends 1 July 2015 (refer to the analysis in this paper).