Due Process Oversight Committee holds October 2015 meeting

  • DPOC meeting (mid blue) Image

26 Oct, 2015

The Due Process Oversight Committee (DPOC) met in Beijing on 13 October 2015.

Meeting activities included the following:

  • Updates on technical activities — The DPOC was presented with a report that outlined the due process activities for all projects on the IASB’s current agenda and questioned the IASB representatives on the Conceptual Framework project (especially around the extended comment deadline), Dynamic risk management (divergence of views between users and preparers), Materiality (practice statement vs. standard), Discount rates (way forward), and High inflation (inactive status of the project).
  • Different effective dates of IFRS 9 and the new standard on insurance contracts — The DPOC noted in particular that the views of Board members were very split on proposing the deferral approach, but that there were sufficient votes from the Board to push ahead with the issue of the ED. The DPOC also noted the ‘sunset’ clause included in the proposed deferral approach as this would send out a strong signal that the IASB was determined to complete the insurance contracts project. Lastly, the DPOC approved of the shortened comment period for the ED.
  • Agenda consultation — The DPOC noted that the questions asked as part of the agenda consultation were relatively open, which means that considering the feedback, summarising it, and acting on it could be a challenge. The DPOC asked to be provided with a summary of the feedback received and the IASB’s intended reaction.
  • IFRS Taxonomy — The DPOC was informed that the trial of integrating proposed taxonomy updates with exposure drafts the IASB publishes had resulted in the highest ever level of response to a proposed change to the IFRS Taxonomy. However, it also showed limited support for the approach. It is now proposed to consult on taxonomy updates at the same time as but not integrated with the standard development.
  • Review of Consultative group — The DPOC reviewed various consultative groups (e.g., the TRG, the ITG, and the ITCG) to determine their effectiveness and ultimately concluded that the groups assessed were functioning well.
  • 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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