Responses to IASB Documents for Comment

Due Process Reviews

Invitation to Comment – IASB and IFRS Interpretations Committee Due Process Handbook – May 2012

On August 30, 2012, the AcSB submitted a comment letter responding to the Due Process Oversight Committee of the IFRS Foundation Trustees on the Committee’s Invitation to Comment issued in May 2012. The letter commends the Trustees, the IASB and the IFRS Interpretations Committee for their efforts to develop the Due Process Handbook further, given the high quality of their existing due process. The quality of the IASB’s due process is an important factor in the AcSB’s endorsement of new IFRSs. The response emphasizes that the IASB and the Committee should be as accountable and transparent as possible in carrying out their due process. In that spirit, the letter proposes enhancing:

  • the re-exposure criteria to include considering the significance and extent of changes made to exposure draft proposals and the benefits of identifying unintended consequences;
  • the process for responding to issues referred by the Monitoring Board so that the IASB remains able to decide freely what issues it will address; and
  • the new section on implementation and maintenance to capture more fully some of the recommendations from the “Report on the Trustee’s Efficiency and Effectiveness of the IFRS Interpretations Committee.”

Read the AcSB letter posted by the IASB.