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Report from July 2014 DPOC meeting

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Jul 23, 2014

A report has been issued from the Due Process Oversight Committee (DPOC) meeting held in London on July 8, 2014.

The report noted discussion on the following topics:

  • Major IASB projects. The DPOC discussed the finalized version of IFRS 9, Financial Instruments, (incorporating requirements for impairment and modifications to classification and measurement), macro hedge accounting, insurance contracts, leases, revenue recognition, conceptual framework, and the disclosure initiative. The DPOC raised questions on possible diverse views of constituents in the insurance project, and the impact of the divergent views of the IASB and FASB in the leases project.
  • Implementation and maintenance projects. The DPOC received an update on a number of projects, including bearer plants, equity accounting, and the post-implementation review of IFRS 3, Business Combinations.
  • Effects Analysis Consultative Group (EACG). The DPOC considered a near final draft of the EACG report advising the IASB on developing an agreed methodology for field testing and effects analysis, including a revised section on financial stability responding to the IASB's obligations from being a member of the Financial Stability Board (FSB). The finalized report will be submitted to the IFRS Foundation Trustees and may result in some amendments to the Due Process Handbook.
  • IFRS taxonomy (XBRL). The DPOC received a progress report on the IASB's proposals to revise the due process for updating the IFRS taxonomy, noting concerns raised by some IASB board members and disappointment at the delay in the publication of an Invitation to Comment on the proposed new due process, which was originally intended to be considered at this meeting. However, the DPOC accepted proposals for trial runs of the new process for both a new Standard and an update
  • Review of consultative groups and DPOC engagement. The DPOC considered an annual review of consultative groups, considering standing advisory groups (Accounting Standards Advisory Forum, Capital Markets Advisory Committee and Global Preparers Forum, Emerging Economies Group, SME Implementation Group, Education and Advisory Group, Advisory Group on Sharia-compliant instruments and transactions) and those groups recommended for disbandment, or already disbanded (XBRL Advisory Council, XBRL Quality Review Team, Effects Analysis Consultative Group, Financial Instruments Working Group, and the Expert Advisory Panel on Impairment. No changes were proposed to the Insurance Working Group and Leases Working Group, Rate-Regulated Activities Consultative Group, and Valuation Expert Group, and the DPOC also noted the new IFRS Taxonomy Consultative Group and Joint Transition Resource Group for revenue recognition.
  • Due process reports. The DPOC considered a report dealing with the availability of comment letters and meeting papers and interactions with securities and prudential regulators and noted consistent adherence to the due process requirements.

The full report is available on the IASB's Web site.

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