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Report of the Due Process Oversight Committee

Date recorded:

David Sidwell presented his last report as Chairman of the Due Process Oversight Committee.  He noted that Scott Evans would assume this role when Mr Sidwell retires as a Trustee in December 2012.  As part of this hand-over of responsibilities, Mr Evans was taking the lead in the DPOC as the Due Process Handbook was revised.

Mr Sidwell reviewed highlights of the DPOC’s consideration of comments on the draft Due Process Handbook.  He thanks those who commented for their comments and, in particular, the seriousness with which they had approached the issues raised in the consultation.  The DPOC was aiming to complete their work by January 2013, but had already concluded on some issues.  In particular, the proposal to have shortened comment periods would not be pursued, given the cogent arguments put forward as to why this was impracticable for a global standard-setter.  More generally, he noted that there was much evidence that constituents supported the continuous improvement in the due process followed by the organisation.  Following brief introductions, the Trustees approved the appointment of an Effects Analysis Working Group, consisting of academics, regional groupings of standard-setters and others; and agreed to increase the size of the SME Implementation Group to 30 members (from 1 July 2013) and to stagger members’ terms.  Mr Sidwell also reviewed the activities of the XBRL Working Groups and noted membership changes, which were also approved.

Mr Sidwell noted that all due process oversight correspondence was up to date and that there were no outstanding issues.

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