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Summary of the July 2013 DPOC meeting

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Jul 30, 2013

The IASB has posted a summary of the July 10, 2013, Due Process Oversight Committee (DPOC) meeting that was held in Johannesburg during the Trustees’ meeting.

Topics discussed during the DPOC meeting include:


Update on technical activities

Updates were given on the progress of the major projects on the IASB’s work plan. Regarding classification and measurement, the DPOC noted additional discussions will be held between the FASB and IASB in their July 2013 meeting and with the Accounting Standards Advisory Forum (ASAF) in September 2013. The next step will be to perform a "lifecycle" review sometime in October 2013.

For the impairment project, the DPOC discussed the preliminary views on the exposure draft on expected credit losses. Overall, the DPOC supported the proposals and believed the IASB should complete the project in a timely basis. The IASB representatives also believed that convergence with the FASB was not likely to be achieved. Additional discussions will be held between the FASB and IASB in their July 2013 meeting and with the ASAF in September 2013.

Other major projects discussed were hedge accounting (EU adoption of IFRS 9/effective date), macro hedging (upcoming discussion paper/timetable), leases (ED comment period), insurance contracts, and conceptual framework (discussion paper/ASAF involvement).

In addition, the DPOC received updates on implementation and maintenance projects on the IASB’s work plan, in particular, separate financial statements; disclosure requirements about the assessment of going concern; IFRIC 21, Levies; the start of the post-implementation review of IFRS 3; educational material; and XBRL.


Production and timing of Consultative and Final Documents

The DPOC was updated by the IASB on the steps to manage the workload and burden on constituents because of the large amount of publications scheduled to be issued in the second half of 2013.


Due process "lifecycle" review of revenue recognition 

The DPOC received a report on the due process steps taken to date on revenue recognition. The DPOC was satisfied with the due process steps performed for the IASB to begin the final balloting of a new standard.


Review on consultative groups

The DPOC reviewed and was satisfied that the following consultative groups were operating effectively and should be retained:

  • ASAF.
  • Emerging Economies Group (EEG).
  • Capital Markets Advisory Committee (CMAC) and Global Preparer Forum (GPF).
  • Education and Advisory Group (EAG).
  • SME Implementation Group (SMEIG).
  • XAC and XQRT.
  • Effects Analysis Consultative Group (EACG).
  • Rate-regulated Activities Consultative Group (RRACG).
  • Financial Instruments Working Group (FIWG), Insurance Working Group (IWG), and Leases Working Group (LWG).
  • Expert Advisory Panel (EAP).
  • Valuation Expert Group (VEG).

In addition, the DPOC was informed of another group in the formative stage representing Islamic countries (Advisory Group on Sharia-compliant instruments and transactions).


Due process protocol

The DPOC addressed three issues: (1) the availability of comment letters, (2) the availability of meeting papers to observers, and (3) interactions with securities and prudential regulators.


DPOC web pages

The DPOC welcomed the redesign performed on the DPOC Web site.


Review of correspondence

No new correspondence cases were submitted since the Committee’s previous meeting in April 2013.


The DPOC is responsible for approving due process and overseeing the IASB’s compliance with due process and reviewing the Trustees’ fulfillment of their oversight function in accordance with the Constitution of the IFRS Foundation.

A summary of the meeting is available on the IASB's Web site.

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