24. August 2020

IFRS Foundation publish revised Due Process Handbook

On 21 August 2020, the Foundation published a revised version of its Due Process Handbook (further information).

This is the final step after proposals for amending the Handbook have been published for comment in April 2019. The revised Handbook provides the following changes:

  • Clarifications on the role and status of agenda decisions taken by the IFRS IC – in particular, clarifying that an agenda decision provides new insights or information (that shall be considered and possibly reflected by an entity in determining its accounting policies – while entities are entitled to sufficient time to do so).
  • Introduction of a new due process step: the IASB will be asked whether it objects to an agenda decision.
  • Updates to the procedures relating to effect analysis (which accompany development of a new or amended IFRS).
  • Minor refinements to the process and involvement of bodies in setting the Board’s work plan.

The earlier proposal to also provide the IASB with the mean of own agenda decisions has been dismissed.