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The Trustees of the IFRS Foundation have today published the revised Due Process Handbook, which sets out the procedural requirements of the International Accounting Standards Board (Board) and the IFRS Interpretations Committee and related matters.
The revised Handbook follows a review by the Trustees’ Due Process Oversight Committee (DPOC) to ensure the Handbook remains fit for purpose as a result of developments in the Board’s and the Interpretations Committee’s processes and continues to reflect good practice. This review included a public consultation in 2019 on the proposed amendments.
The DPOC oversees the Board’s and the Interpretations Committee’s compliance with the due process set out in the Handbook. The due process is based on the principles of transparency, full and fair consultation and accountability.
The main changes are:
- clarifying the authority of agenda decisions published by the Interpretations Committee and their role in supporting consistent application of IFRS Standards, and enhancing the related due process by formally involving the Board in their finalisation; and
- reflecting recent developments in the Board’s effect analysis process—assessing the likely effects of a new or amended IFRS Standard—that emphasise the role of such analyses in standard-setting and make it clear that such analyses take place at all stages of standard-setting.
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