The Handbook continues to note that agenda decisions do not have the status of IFRSs and cannot add or change requirements in the standards, however, it now also states that in many cases an agenda decision includes explanatory material that explains how principles and requirements in IFRSs apply to the transaction or fact pattern described in the agenda decision. As these explanations "may provide additional insights that might change an entity’s understanding of the principles and requirements in IFRS Standards", the Handbook states that entities might determine that they need to change an accounting policy as a result of an agenda decision. The Handbook goes on to note: "It is expected that an entity would be entitled to sufficient time to make that determination and implement any necessary accounting policy change."

The additional due process step regarding agenda decisions consist of the Board being asked whether it objects to the agenda decision. Two aspects will be considered:

• Whether the Board objects to the Interpretations Committee’s decision that a standard-setting project should not be added to the work plan; and
• whether the Board objects to the Interpretations Committee’s conclusion that the agenda decision does not add or change requirements in IFRS Standards.

If four or more Board members object, the agenda decision is not published and the Board decides how to proceed.

Please click for the following additional information on the IASB website:

• Press release
• Revised Due Process Handbook
• Amended IFRS Foundation Constitution with narrow-scope amendments to reflect the changes to the Due Process Handbook
• Project summary and feedback statement
• Article by Alan Beller, Chairs of the IFRS Foundation Trustees’ Due Process Oversight Committee, on the due process and why it matters