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DPOC decides on agenda decisions

  • DPOC meeting (mid blue) Image

16 Dec 2019

The Due Process Oversight Committee (DPOC) of the IFRS Foundation held a conference call today to discuss staff recommendations for finalising the proposed amendments to the Due Process Handbook relating to agenda decisions.

In light of the feedback received on the proposed amendments, the staff recommended that the DPOC:

  • amend the description of agenda decisions by removing the statement that "explanatory material should be seen as helpful, informative and persuasive";
  • amend the description of agenda decisions by replacing "new information that was not otherwise available and could not otherwise reasonably have been expected to be obtained" with "additional insights that might change an entity’s understanding of the principles and requirements in IFRS Standards";
  • amend the due process relating to agenda decisions by asking Board members whether they object to the publication of an agenda decision with explanatory material so that an agenda decision will only be published if no more than three Board members (of a Board of 14 members) object to publishing the finalised agenda decision at the Board meeting immediately following the finalisation of decision;
  • not to provide the Board with a due process tool equivalent to an agenda decision.

After comprehensive discussion, the DPOC agreed with all staff recommendations. Detailed descriptions of the staff recommendations can be found in the corresponding agenda paper for the meeting. There is also an audio recording of the call (discussion of the paper in question begins at about 27 minutes into the recording) and a summary report of the meeting on the IASB's website.

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