Due Process Oversight Committee Chairman’s report

Date recorded:

Mr Scott Evans reported the results of a meeting of the Due Process Oversight Committee held earlier in the day.

He noted that the DPOC had received a report on the progress of the IASB’s Technical Agenda. The DPOC was satisfied that the appropriate due process activities had been followed with respect to the current projects.

The DPOC had undertaken a ‘lifecycle’ review of the forthcoming IFRS on Regulatory Deferral Accounts and was satisfied that the appropriate due process had been followed. However, the DPOC emphasised that the IFRS would introduce diversity among IFRS preparers and urged the IASB to proceed with the project on the effects of rate-regulation ‘with all deliberate speed.’

The DPOC had reviewed and accepted certain changes to the Foundation’s XBRL activities. First, the various XBRL advisory committees would be combined into a new XBRL Consultative Group. Second, the DPOC agreed that ‘proposed interim IFRS Taxonomy releases’ would be the primary public consultation document and that the annual IFRS taxonomy would be a physical compilation of previous interim releases.

The DPOC had reviewed the existing IASB consultative groups to ensure that their continued existence is justified. As part of this review, DPOC members had attended meetings of five of the groups and were satisfied with what they had seen.

The DPOC had approved revisions to the IFRS-SME Implementation Group’s terms of reference and operating procedures to reflect changes approved by the IASB.

The DPOC had also reviewed a report of the transparency of outreach and reporting the results of fieldwork, both of which had improved significantly over the past couple of years. The DPOC would continue to monitor developments.

There was no correspondence since the Trustees’ October meeting to bring to the Trustees’ attention.

There were no questions for Mr Evans.

Mr Prada thanked the Trustees’ hosts in Milan and closed the meeting.

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