In the absence of David Sidwell, Jeff Lucy presented a summarised report. The Trustees had been present when David Sidwell briefed the IFRS Foundation Monitoring Board on 13 July, so Mr Lucy confined his remarks to high-points only.

The strategic review of the Interpretations Committee is becoming more imperative, and will be an area of concentration in the coming months. The Due Process Oversight Committee has received a letter from the Canadian Accounting Standards Board on this topic, which the DPOC is treating very seriously and welcomes as it undertakes its review of the Interpretations Committee.

He noted that, with respect to the major projects to be completed in 2011, there were ‘varying degrees of risk’ associated with different projects. In his opinion, the risk rested with various external stakeholders who had particular points of view that they seek to have included in the final Standards.

The DPOC was likely to maintain its current meeting frequency – at least until the major projects are issued. He complimented David Sidwell for spearheading this change and for providing ‘real and effective’ leadership of the Committee.

Mr Glauber (Interim Co-Chair) noted that the report from the DPOC represented the very heightened level of activity of the Committee – a level that was consistent with the expectations of constituents at the recent roundtable discussions on the Trustees’ Strategy Review Report.

Ian Mackintosh (IASB Vice-Chair) noted that, ‘from the other side of the table’ the interaction between the IASB and the DPOC represented a very constructive dialogue and that it was working well.