Over the past two years, the Due Process Oversight Committee (DPOC) has been working with the IASB to develop due process reporting protocols which have been designed to assist the IASB demonstrate that it is using its due process efficiently and effectively in the development of Standards and Interpretations. In addition, the new Handbook proposes that the staff will be required to prepare several summary reports each year for the Board and DPOC.
At the July 2012, the staff provided a report on the following activities identified in the Due Process Handbook.
- Comment letters — the staff noted that no letters were withheld from public posting for the year ended 30 June 2012. These comment letters and other unsolicited letters have been posted on the IASB website.
- Availability of meeting papers — the staff noted that for the year ended 30 June 2012, all agenda papers that had been distributed to the IASB members for public meetings were posted on the IASB website. A few Board members suggested providing the papers a little earlier to enable Board members to have more time to review the matters under discussion.
- Consultative Groups — The proposed new Due Process Handbook states that the staff should assess the consultative groups each year to determine whether each group and membership should continue and to report these findings to the IASB and DPOC. The staff recommended that the IASB formally wind up the working groups for financial statement presentation, Employee Benefits and the Expert Advisory Panel for fair value measurement. The Board tentatively agreed to wind up these groups as these related projects have been completed.
- Market and Prudential Regulators — Over the past year, the IASB has maintained an active dialogue through regular meetings with securities and prudential regulators.