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Due Process Oversight Committee holds June 2015 meeting

  • DPOC meeting (mid blue) Image

08 Jul 2015

The Due Process Oversight Committee (DPOC) met in London on 18 June 2015.

Meeting ac­tiv­i­ties in­cluded the fol­low­ing:

  • Updates on tech­ni­cal ac­tiv­i­ties — The DPOC was updated on (1) the activity of the IASB’s and FASB’s joint transition resource group (TRG) for revenue recognition; (2) some of the IASB’s major projects, including leases, insurance contracts, the conceptual framework, macro hedging, rate-regulated activities, and inflationary environments; and (3) progress made on the IASB’s agenda consultation.
  • IFRS Taxonomy — The DPOC analyzed two trials that the IASB conducted to assess proposed changes to the due process for the IFRS taxonomy and was pleased with the direction the IASB has taken.
  • Review of Con­sul­ta­tive group — The DPOC reviewed various consultative groups (e.g., the ASAF, the revenue recognition TRG) to determine their effectiveness and ultimately concluded that most of the groups assessed were functioning well.
  • Due process protocol — The DPOC discussed a report on the availability of comment letters that the IASB and IFRS Interpretations Committee have received, the availability of the IASB’s agenda papers, and the relationship between the IASB and IFRS Foundation and securities regulators.
  • Cor­re­spon­dence — No new correspondence has been received since the DPOC’s previous meeting.

The full report on the DPOC meeting is avail­able on the IASB’s website.

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