Feedback Statement - Proposed Amendments to the IFRS Foundation Due Process Handbook

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Publication date
01 April 2025
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PDF, 216.5 KB
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Final Comment Letter (FCL) 28 March 2025

Contents

Purpose of this Feedback Statement

This feedback statement presents the views of UK stakeholders on the UKEB's Points proposed for inclusion in the UKEB Comment Letter on the IFRS Foundation Trustees' Exposure Draft (ED) Proposed Amendments to the IFRS Foundation Due Process Handbook and explains how the UKEB's Final Comment Letter addressed those views.

The UK Endorsement Board (UKEB) is the UK's National Standard Setter for IFRS Accounting Standards; responsible for the endorsement and adoption of IFRS Accounting Standards, for use in the UK. The UKEB also leads the UK's engagement with the IFRS Foundation on the development of new standards, amendments and interpretations.

The comment letter, to which this feedback statement relates, forms part of those influencing activities and is intended to contribute to the IFRS Foundation's due process.

The IFRS Foundation Trustees' Exposure Draft

The Trustees of the IFRS Foundation published the ED Proposed Amendments to the IFRS Foundation Due Process Handbook.

The IFRS Foundation's Due Process Handbook (the Handbook) is the standard setting 'manual' for the work of the IASB, the ISSB and the IFRS Interpretations Committee (IFRIC), which builds on the due process requirements in the IFRS Foundation Constitution. It helps to deliver transparency and accountability as well as explaining the process for stakeholder engagement.

The amendments:

  • Reflect the creation of the ISSB in the Due Process Handbook (as it was last updated in 2020, before the creation of the ISSB); and
  • Make targeted enhancements and clarifications, based on the Foundation's recent experiences.

Outreach approach

  • The UKEB's outreach activities took place between February 2025 and March 2025 and were conducted to develop the UKEB Comment Letter on the ED.
  • Outreach activities included:
    • Seeking feedback from the UKEB Advisory and Working Group members, via email.
    • Discussions with UK and international bodies, including Government and regulators.
    • Discussions with other National Standard Setters.
    • Tabling the project as an item for noting at meetings of the UKEB Investor Advisory Group, the Preparer Advisory Group, and the Accounting Firms and Institutes Advisory Group.
  • Public consultation on the UKEB's Points proposed for inclusion in the UKEB Comment Letter was conducted for 2 weeks, between 4 March 2025 and 18 March 2025.
  • The UKEB promoted awareness of the proposed content and encouraged stakeholders to respond through the UKEB website, and a UKEB subscriber News alert.
  • All comments and views were considered in reaching the UKEB's final assessment of the proposed amendments.

UKEB and stakeholder views

  • The UKEB's 'Points proposed for inclusion in the UKEB Comment Letter' broadly supported the proposals in the ED published by the Trustees of the IFRS Foundation. It was published on the UKEB website, subscribers were alerted to its presence via a News Alert, requesting feedback on the document. No written comments were received in response to that document's publication.
  • Members of the UKEB's Advisory Groups were also alerted to its publication and encouraged to provide feedback. They raised concerns relating to the Post-implementation Reviews requirements, which were reflected in Appendix A to the UKEB's Comment Letter.
  • The Final Comment Letter (FCL) issued by the UKEB is mainly consistent with the views expressed in the Points proposed for inclusion in the UKEB Comment Letter. However, the section on Impact Assessments has been expanded and inserted as an additional Appendix.

Disclaimer

This Feedback Statement has been produced to set out the UKEB's response to stakeholder comments received on the UKEB's Points proposed for inclusion in the UKEB Comment Letter on the IFRS Foundation Trustees' Exposure Draft (ED) Proposed Amendments to the IFRS Foundation Due Process Handbook.

The views expressed in this Feedback Statement are those of the UK Endorsement Board at the point of publication.

Any sentiment or opinion expressed within this Feedback Statement will not necessarily bind the conclusions, decisions, endorsement or adoption of any new or amended IFRS by the UKEB.

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