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Due Process Oversight Committee holds February 2015 meeting

  • DPOC meeting (mid blue) Image

Feb 11, 2015

The Due Process Oversight Committee (DPOC) of the IFRS Foundation trustees met in Zurich, Switzerland, on February 3, 2015.

Meeting activities included the following:

  • Updates on technical activities — The DPOC was updated on (1) a due-process issue related to postings of papers about IASB meetings and (2) some of the IASB’s major projects, including insurance contracts, leases, the conceptual framework, macro hedging, rate-regulated activities, and the disclosure initiative.
  • IFRS for SMEs — The DPOC analyzed a report on the due-process steps in the IASB’s review of the IFRS for SMEs and confirmed that all steps have been completed.
  • Project reporting — The IASB discussed with the DPOC its plans to improve its “public dis­clo­sure of the rationale used to reach its tentative decisions and con­clu­sions.” The DPOC agreed with the IASB’s suggestions.
  • Consultative group meetings — The DPOC was provided with a schedule of future IASB con­sul­ta­tive group meetings and asked which group meetings should be prioritized for ob­ser­va­tion.
  • Correspondence — The DPOC con­sid­ered sug­ges­tions related to improving the due-process steps the IASB takes when finalizing a standard or amendment. However, the committee agreed to retain the current model in the Due Process Handbook.

The full report on the DPOC meeting is avail­able on the IASB’s Web site.

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