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Due Process Oversight Committee (DPOC) report

Date recorded:

Scott Evans reported that the Due Process Oversight Committee had reviewed progress on the current projects and had noted no due process concerns.

The DPOC was generally supportive of the IFRSF’s post-issuance review programme, but noted that the IASB’s concern to be responsive to prudential supervisors’ concerns should not expand the scope of the Board’s activity nor override the focus on capital markets.

He noted a concern raised by BusinessEurope about the characterisation of its comments in a staff summary.  He DPOC had discussed the issue and received a report from the senior technical staff on the issue.  Staff training had been enhanced on comment letter analysis in particular, so that mischaracterisations should be less likely in future.  A response to BusinessEurope had been approved by the DPOC.

Conclusion

The meeting concluded after thanks to the German hosts and the IFRS Foundation staff.

The IFRS Foundation will meet next in Milan, Italy on 28-29 January 2014.

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