IASB: IFRS Foundation consults on proposed amendments to its Due Process Handbook

30 April 2019

The Trustees of the IFRS Foundation are inviting stakeholder comment on proposed amendments to its Due Process Handbook, the procedural requirements followed by the IASB and the IFRS Interpretations Committee.

The Trustee’s Due Process Oversight Committee (DPOC) is responsible for overseeing the Board and the Interpretations Committee’s compliance with the due process set out in the Handbook. The due process is based on three principles: transparency; full and fair consultation; and accountability.

The Trustees have reviewed the Handbook and proposed amendments to ensure it is up-to-date in light of the activities of the Board and Interpretations Committee, remains fit for purpose and continues to reflect best practice. The main proposed changes are to:

• update the procedures relating to the use of effects analysis—assessing the likely effects of a new or amended IFRS Standard—to ensure that they are consistent with current activities and make it clear that such analyses take place at all stages of the standard-setting process; and
• clarify the role and status of agenda decisions published by the Interpretations Committee and amend the Handbook to make agenda decisions a tool for the Board.

In addition, the proposed amendments aim to clarify the categories of education material produced by the IFRS Foundation; refine the consultation requirements for adding major projects to the Board’s work plan; clarify the role of the IFRS Advisory Council; and clarify the processes for approving amendments to the IFRS Taxonomy and the DPOC’s role in overseeing the IFRS Taxonomy due process.

Comments are due by 29 July 2019.

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