Report from February 2015 DPOC meeting
11 Feb, 2015
The IFRS Foundation has released a report summarising the Due Process Oversight Committee (DPOC) meeting held in Zurich, Switzerland on 3 February 2015.
Topics discussed at the meeting included the following:
Updates on technical activities
- Due process issue
- Major projects:
- Updated on redeliberations related to insurance contracts and the consequences of the effective date of IFRS 9 preceding the finalised standard for insurance.
- Status of the joint leases project.
- Conceptual framework due process steps and upcoming exposure draft.
- Updated on the feedback on the Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.
- Development of a preliminary analysis of comments on the Discussion Paper Reporting the Financial Effects of Rate Regulation.
- Status of the disclosure initiative projects and the expected issuance of a discussion paper in the second quarter of 2015.
- IASB’s research projects.
- Progress of the post-implementation review of IFRS 3, IFRS Taxonomy due process trials, and implementation/maintenance projects.
Comprehensive review of the IFRS for SMEs: due process ‘lifecycle’ review
The DPOC analysed the due process steps completed in the IASB’s review of the IFRS for SMEs and confirmed that all steps have been completed.
Reporting on projects
The DPOC agreed with the proposals set by the IASB to improve its public disclosure of the rationale used to reach its tentative decisions and conclusions.
Consultative group and DPOC engagement
The DPOC was provided with a schedule of future consultative group meetings and ask which group meetings should be prioritised for observation.
Correspondence
The DPOC considered suggestions to improve the due process steps when completing a final standard or amendment. However, it agreed to retain the current model provided in the Due Process Handbook.
The full summary of conclusions of the DPOC meeting is available on the IASB's Web site.