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Trustees publish revised IFRS Due Process Handbook

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18 Feb 2013

The Trustees of the IFRS Foundation have published a revised version of their IFRS Foundation Due Process Handbook. The Handbook describes the steps followed by the IASB and the Interpretations Committee in developing or revising International Financial Reporting Standards (IFRSs) and Interpretations.

The updated Handbook includes due process enhancements recommended by the Monitoring Board Governance Review and Trustees' Strategy Review. It also includes recommendations from the Trustees' Review of the Efficiency and Effectiveness of the IFRS Interpretations Committee.

The updated Handbook is a significant rewrite of existing requirements, introducing many new policy level objectives and formalising current practice. It consolidates the due process requirements of the IASB and the IFRS Interpretations Committee into a single document, outlines the responsibilities and activities of the Trustees’ Due Process Oversight Committee (DPOC), includes a more extensive discussion of the process of assessing the likely effects of an IFRS, describes the new research programme forming the development base from which potential standards-level projects will be identified, outlines the practice that the IASB and Interpretations Committee follow for addressing matters that are narrow in scope, describes how the IASB expects to conduct and complete post implementation reviews, and includes consideration of due process requirements related to the extensive programme of outreach activities that is now routinely conducted by the IASB as part of its standard-setting activities.

The proposed revised version of the Handbook had been published for public comment in May 2012. The majority of the proposals included in the draft Handbook were supported by the public. On basis of the comment letters received, however, some changes were made. Some of the changes were clarifications (regarding the status of rejection notices for example), some were alignments (regarding the quorum of the IASB and the Interpretations Committee for example), some regarded omissions (for example an objective of the Due Process Oversight Committee has now been included). The most noticeable change regards the suggestions that re-exposures of IASB proposals could have a minimum comment period of 60 days. This suggested change did not find the desired support, and the minimum comment period has been changed to 90 days. Further changes were warranted by current developments, for example the establishing of the ASAF which is now also described in the Due Process Handbook.

Please click for the following documents on the IASB website:

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