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Due Process Oversight Committee Chairman's comments

Date recorded:

Mr Glauber's comments on the IASB's activities led almost seamlessly to a report from David Sidwell on the work of the Due Process Oversight Committee (see the Trustees' meeting notes for full details). He noted in particular that the Committee was now meeting monthly as the IASB re-deliberated and finalised the major four MoU/ G20 agenda projects.

Mr Barnier noted that the MoU/G20 agenda topics were very complex and that it was important to balance high quality with practicality. He also supported convergence, but not at the expense of quality: convergence must not be a race to the lowest common denominator. He stressed the importance of field tests and post-implementation reviews. He also suggested looking to the revised G20 timetable (i.e., end of 2011, not mid-2011).

Ms Shapiro (US Securities and Exchange Commission) said that she was 'very pleased' with the level of rigor and timeliness of the Trustees' Due Process Oversight Committee's involvement.

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