Summary of the April 2013 DPOC meeting

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23 Apr, 2013

The IASB has posted a summary of the 10 April 2013 Due Process Oversight Committee (DPOC) meeting that was held in London during the Trustees’ meeting.

Topics discussed during the DPOC meeting were:

  1. Update on technical activities — Updates were given on the progress of the major projects on the IASB’s work plan. Regarding insurance contracts, the DPOC affirmed its view that the IASB had met all the required due process steps for its upcoming exposure draft to be issued in the first half of 2013. Other major projects discussed were impairments, classification and measurement, leases and revenue recognition.

    In addition, the DPOC received updates on newer projects to the agenda, in particular, the conceptual framework project which the Accounting Standards Advisory Forum discussed during its 8-9 April 2013 meeting and will serve as the consultative group. Other newer projects to the agenda discussed were rate-regulated activities, bearer plants, and the research programme.

  2. Due process ‘lifecycle’ review of upcoming hedge accounting guidance — a summary was given of the due process steps taken since 2008 on the hedge accounting project. The DPOC noted that it was satisfied with due process steps the IASB has completed, but will need to consider the decision made during the IASB’s April 2013 meeting before the IASB can proceed with the Ballot Draft of a new IFRS 9.
  3. Progress on post-implementation review (PIR) of IFRS 8 — the DPOC reviewed the draft agenda papers on PIR that are to be used during discussions at the IASB April 2013 meeting. Topics reviewed were (1) sources of input to the IFRS 8 PIR, due process and next steps, (2) messages received and feedback summary, and (3) lessons learned about the PIR process.
  4. Update on consultative groups — the DPOC reviewed (1) the IASB’s proposed composition of a new rate-regulated activities consultative group and (2) proposed change in membership to the financial instruments consultative group. The DPOC also agreed on a proposal to have a DPOC member observe (in person) a meeting of the major groups once a year and submit a report back to the Committee on the attendance and quality.
  5. Update on operations
  6. Review of correspondence — No new correspondence cases were submitted since the Committee’s previous meeting in January 2013.
  7. Any other business

The DPOC is responsible for approving due process and overseeing the IASB’s compliance with due process, and reviewing the Trustees’ fulfilment of their oversight function in accordance with the Constitution of the IFRS Foundation.

A summary of the meeting is available on the IASB website.

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