Process for Non-urgent, Minor Amendments to Standards
The Board considered a proposal from the staff for a process for dealing with non-urgent, minor amendments, operating within the boundaries of the IASB's Due Process Handbook. Following the proposal, the IASB would establish an orderly process for making small changes to standards that are worthwhile improvements but not urgent.
Some Board members spoke in favour of the policy, noting that the SAC [and Trustees] would not need to be consulted on individual 'projects' but should be kept informed of them.
Other Board members expressed concern with the approach: especially about defining what constituted a 'minor' or 'non-urgent' matter. In addition, it would be very difficult to differentiate consistently 'drafting errors' from a change in the Board's preference. It was also noted that the timing of the process could result in a standard being in Limbo for two years-something that was not in the IASB's or constituents' best interests.
Before implementing the process, the staff were asked to discuss it with IOSCO. The process raised several difficult enforcement issues that might need resolution.
All that said; the Board approved the proposed process unanimously.