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Thursday 21 August 2014

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Novation of derivatives and continuation of hedge accounting


Due process steps

Stage 2: Current stage

 

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

78 comment letters received – all posted on IASB website.

Round-tables between external participants and members of the IASB.

Optional

Extent of meetings held.

The DPOC has received a report of outreach activities.

N/A

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 IASB discussed the project at its January 2013 and February 2013 meetings. The IASB will be presented with a comment letter analysis on the Exposure Draft at its May 2013 meeting. All board meetings have been held in public. Staff papers have been made available in advance of the IASB meeting on the IASB’s website.

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

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.

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

The staff provided the IASB with a description of the financial reporting effects of the proposed amendment at the January 2013 IASB meeting, which are included in the Basis for Conclusions of the Exposure Draft.

Email alerts are issued to registered recipients.

Optional

Evidence that alerts have occurred.

The DPOC has received a report of outreach activities.

N/A

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.

N/A

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.

N/A

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.

This paper is intended to meet this step.

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.

At its May 2013 meeting, IASB decided that re-exposure is not necessary.

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.

At its May 2013 meeting, IASB decided that the effective date is set at 1 January 2014 provided that the proposed amendments are issued by the end of the 2nd quarter of 2013.

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 a Standard is issued.

The translation team reviewed drafts of the final amendments before they were published.

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 a Standard is issued.

The XBRL team reviewed drafts of the final amendments before they were published.

Drafting quality assurance steps are adequate.

Optional

The Editorial team has been included in the review process.

In addition, external reviewers used to review drafts for editorial review and the comments collected have been considered by the IASB.

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

The Editorial team reviewed drafts of the final amendments before they were published.

Drafting quality assurance steps are adequate.

Optional

Draft for editorial review has been made available to members of the 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 a Standard is issued.

N/A

Drafting quality assurance steps are adequate.

Optional

Draft for editorial review has been posted on the project website.

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

N/A

Publication:
Press release to announce final Standard.

Required

Press release has been announced in a timely fashion.

Media coverage of the release.

The DPOC has received a copy of the press release and a summary of the media coverage.

Press release was prepared and reviewed by Comms and Editorial.

A Feedback Statement is provided, which provides high level executive summaries of the Standard and explains how the IASB has responded to the comments received.

Required

Publication of the Feedback Statement.

COPY 3 TEXT

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

No Feedback statement was produced because of the narrow scope of this amendment.

Podcast to provide interested parties with high level updates or other useful information about the Standard.

Optional

Number of podcasts held.

The DPOC has received a report of outreach activities.

N/A

Standard is published.

Required

Official release.

The DPOC has been informed of the release.

The final amendments were published along with the press release.