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Due Process Oversight Committee holds October 2015 meeting

  • DPOC meeting (mid blue) Image

Oct 26, 2015

The Due Process Oversight Committee (DPOC) met in Beijing on October 13, 2015.

Meeting activities included the following:

  • Updates on technical activities — The DPOC was presented with a report outlining the due process ac­tiv­i­ties for all projects on the IASB’s current agenda and ques­tioned IASB rep­re­sen­ta­tives about the conceptual framework project (es­pe­cially regarding the extended comment deadline), dynamic risk man­age­ment (users’ and preparers’ different views), ma­te­ri­al­ity (practice statement vs. standard), discount rates (way forward), and high inflation (inactive status of the project).
  • Different effective dates of IFRS 9 and the new standard on insurance contracts — The consequences of the differing effective dates were discussed. Discussion centered on possible transition relief approaches that the IASB will be addressing in a forthcoming proposal (e.g., the overlay approach, the deferral approach).
  • Agenda consultation — The DPOC noted that the questions asked as part of the agenda con­sul­ta­tion were “rel­a­tively open,” which could make it difficult to consider, summarize, and act on the feedback. The DPOC asked to be provided with a summary of the feedback received and the IASB’s intended reaction.
  • IFRS taxonomy — The DPOC was updated on the IASB’s proposals to change due process with respect to the IFRS taxonomy.
  • Review of consultative group — The DPOC reviewed various con­sul­ta­tive groups (e.g., the TRG, the ITG, and the ITCG) to determine their ef­fec­tive­ness and ul­ti­mately concluded that the groups assessed were func­tion­ing well.
  • Correspondence — No new correspondence has been received since the DPOC’s previous meeting.

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

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