Due Process Oversight Committee holds May 2016 meeting

  • DPOC meeting (mid blue) Image

09 Jun, 2016

The Due Process Oversight Committee (DPOC) met in Jakarta on 25 May 2016.

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. Specifically, the DPOC discussed (1) the agenda consulation 2015 and specifically the proposal that the interval between agenda consultations should be extended from three to five years (the DPOC reviewed and agreed with the rationale behind the proposal and agreed to amend the Due Process Handbook), (2) the different effective dates of IFRS 9 and the forthcoming insurance contracts standard (the DPOC reviewed the due process steps and the re-exposure assessment and agreed with the IASB's conclusion that re-exposure was not necessary), and (3) other projects on primary financial statements and discount rates.
  • Insurance contracts: due process life-cycle review — The DPOC received a report setting out a lifecycle review of the due process steps completed in the Board’s project on insurance contracts. The DPOC confirmed that all necessary due process steps had been followed but emphasised that given the high profile of the project and controversial nature of at least some of the proposals there was a need for careful and considered drafting of the standard, which would involve preparing drafts for editorial review with external parties as well as preparing an extensive effects analysis.
  • IFRS Taxonomy: due process — The DPOC discussed a proposed change of the due process in the context of the Foundation’s strategy for the IFRS Taxonomy and the need to guard against the IFRS Taxonomy constraining the principle-based approach to standard-setting.
  • Should the DPOC meet in public? The DPOC discussed a staff proposal that in order to increase the visibility of how the Trustees’ oversight role was exercised, in particular in relation to due process oversight, future meetings of the Committee should – for the most part – be held in public session. The DPOC members expressed a range of views, and the debate was continued at the Trustees’ plenary session, where the proposal was supported.
  • Benchmarking — The DPOC discussed a staff paper that outlined the staff’s assessment of how the Foundation and the Board measured up against four particular frameworks that the staff viewed as relevant to the work of the organisation.
  • Review of Consultative groups — The DPOC reviewed the activities of various consultative groups and considered staff proposals for revising the membership of SMEIG.
  • 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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