PDF IFRS Foundation 2019

April 2019 IFRS? Foundation Exposure Draft

Proposed amendments to the IFRS Foundation Due Process Handbook

Comments to be received by 29 July 2019

Invitation to Comment Proposed amendments to the IFRS Foundation Due Process Handbook

Comments to be received by 29 July 2019 (revised 23 May 2019 for a correction to the Annex)

Invitation to Comment Proposed amendments to the IFRS Foundation Due Process Handbook is published by the IFRS Foundation (Foundation).

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PROPOSED AMENDMENTS TO THE DUE PROCESS HANDBOOK

CONTENTS

INTRODUCTION MAIN AMENDMENTS--THE DRAFT REVISED HANDBOOK Effects analysis Agenda decisions

Role and status of agenda decisions Timing of implementing agenda decisions Board agenda decisions OTHER MATTERS Educational material Adding projects to the Board's work plan IFRS Taxonomy Additional amendments CONSEQUENTIAL AMENDMENTS--THE IFRS FOUNDATION CONSTITUTION APPENDIX A PROPOSED AMENDMENTS TO THE IFRS FOUNDATION DUE PROCESS HANDBOOK APPENDIX B PROPOSED CONSEQUENTIAL AMENDMENTS TO THE IFRS FOUNDATION CONSTITUTION

from page 4 5 5 6 6 7 8

10 10 10 11 11

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INVITATION TO COMMENT--APRIL 2019

Introduction

1

The IFRS Foundation Due Process Handbook (Handbook) sets out the due

process procedures that apply to the International Accounting Standards

Board (Board) and the IFRS Interpretations Committee (Committee). The

Trustees of the IFRS Foundation (Trustees) committee--the Due Process

Oversight Committee (DPOC)--is responsible for monitoring the Board's and

the Committee's compliance with these due process procedures. The DPOC

also reviews and, if necessary, amends the due process procedures in the light

of changing due process conventions and comments from stakeholders.

2

Apart from adding the IFRS Taxonomy due process as an annex to the

Handbook in 2016, the DPOC last substantively amended the Handbook in 2013.

Accordingly, the DPOC has decided to review the Handbook to ensure that it

remains fit for purpose as a result of developments in the Board's and

Committee's processes and continues to reflect best practice.

3

The main proposed amendments to the Handbook are to:

(a) update the procedures relating to effect analysis;

(b) clarify the role and status of agenda decisions published by the Committee;

(c) provide the Board with the ability to publish its own agenda decisions;

(d) reflect that entities should be entitled to sufficient time to consider an agenda decision and if necessary, implement an accounting policy change;

(e) refine the categorisation and review of educational material produced by the IFRS Foundation;

(f) refine the consultation required before adding major projects to the Board's work plan; and

(g) clarify the DPOC's oversight of the IFRS Taxonomy due process and bring greater clarity to the approval and review process associated with the issuance and publication of IFRS Taxonomy updates.

4

The proposed amendments are explained in paragraphs 5?38 and set out in a

revised Handbook in Appendix A. The changes in the Handbook are marked up

with underline for new text and strikethrough for deleted text (other than

Trademark and capitalisation changes). The proposed amendments do not

represent a fundamental revamp or rewrite of the Handbook, reflecting the

DPOC's view that the current procedures set out in it are thorough and robust.

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