Due process oversight
The Due Process Oversight Committee is a standing committee of the Trustees. The Committee is responsible for reviewing the Trustees’ fulfilment of their oversight function in accordance with the Constitution of the IFRS Foundation.
It develops proposals and measurement targets, monitors the achievement of those targets and alerts the Trustees when targets are not being met. In addition, the Committee’s responsibilities include among others:
- to review and propose updates to the due process handbooks for the IASB, the Interpretations Committee and XBRL;
- to monitor compliance with due process, and to examine complaints of alleged non-compliance;
- to discuss the IASB’s proposed approach to consultations for new projects; and
- to approve the composition of IASB working groups to ensure an appropriate balance of perspectives.
To help it to discharge its responsibilities, members of the Committee convene a meeting with the IASB twice a year.
Likewise, in overseeing the XBRL due process and assessing the quality assurances given by the XQRT team, the Committee holds regular meetings with the relevant management team.
The Committee normally comprises five to seven Trustees. One member is designated the chairman and serves on the Trustees’ Executive Committee. The Committee normally meets four times a year, either in person or via teleconference, in advance of full Trustees’ meetings. If necessary the Committee may conduct business by correspondence (for a list of Committee members, click here).