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Trustees publish revised IFRS Due Process Handbook

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Feb 18, 2013

The Trustees of the IFRS Foundation have published a revised version of their "IFRS Foundation Due Process Handbook." The Handbook describes the steps followed by the IASB and the Interpretations Committee in developing or revising IFRSs and Interpretations.

The updated Handbook includes due process enhancements recommended by the Monitoring Board Governance Review and Trustees' Strategy Review. It also includes recommendations from the Trustees' Review of the Efficiency and Effectiveness of the IFRS Interpretations Committee.

The updated Handbook is a significant rewrite of existing requirements, introducing many new policy level objectives and formalizing current practice. It consolidates the due process requirements of the IASB and the IFRS Interpretations Committee into a single document, outlines the responsibilities and activities of the Trustees’ Due Process Oversight Committee (DPOC), includes a more extensive discussion of the process of assessing the likely effects of IFRSs, describes the new research program forming the development base from which potential standards-level projects will be identified, outlines the practice that the IASB and Interpretations Committee follow for addressing matters that are narrow in scope, describes how the IASB expects to conduct and complete post implementation reviews, and includes consideration of due process requirements related to the extensive program of outreach activities that is now routinely conducted by the IASB as part of its standard-setting activities.

    The proposed revised version of the Handbook had been published for public comment in May 2012. The majority of the proposals included in the draft Handbook were supported by the public. On the basis of the comment letters received, however, some changes were made. Some of the changes were clarifications (regarding the status of rejection notices for example), some were alignments (regarding the quorum of the IASB and the Interpretations Committee for example), and some regarded omissions (for example, an objective of the DPOC has now been included). The most noticeable change is in regards to the suggestions that reexposures of IASB proposals could have a minimum comment period of 60 days. This suggested change did not find the desired support, and the minimum comment period has been changed to 90 days. Further changes were warranted by current developments, for example, the establishment of the ASAF, which is now also described in the Handbook.

    Please click for the following documents on the IASB's Web site:

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