Deloitte comments on strengthening IASB due process

  • Deloitte Comment Letter Image

01 Jul 2004

Our firm has submitted a (PDF 80k) on the IASB's paper Strengthening the IASB's Deliberative Processes dated 24 March 2004. The IASB issued that paper as part of its Internal Review of its procedures for developing standards.

An excerpt from our comments:

We strongly encourage the use and enhancement of the due process mechanisms suggested in the paper, and we have attached our specific comments on each mechanism in the Appendix to this letter. We believe that the due process mechanisms mentioned in the paper should be, and in many cases are, inherent in the operations of the IASB. However, we do believe that these mechanisms have not been used to their fullest potential. We believe it is important that this review of due process is undertaken so as to ensure that the IASB gains the most benefit out of future due process activities; that is they are able to use the inputs gained from constituents to ensure the development of the highest quality standards.

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