10.0 Documents for noting (Disclosure Requirements Compliance Statement final)

File information

Publication date
13 January 2022
Format
PDF, 101.9 KB
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Influencing process: Disclosure Pilot

IASB's due process document

Step Required / Optional Metrics or evidence UKEB secretariat comments
Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (Proposed Amendments to IFRS13 and IAS 19) Published: 25/03/2021 Comment deadline: Original: 21/10/2021 Revised: 12/01/2022 Internally referred to as the Disclosure Pilot.

Project preparation

Step Required / Optional Metrics or evidence UKEB secretariat comments
Technical project added to UKEB technical work plan and discussed Required Project is included in the published technical UKEB Work Plan. Yes
Project preparation and Project Initiation Plan (PIP) Required PIP created which includes: - Approach to influencing; - Proposed types of fieldwork; - Involvement of IASB staff; - Key milestones and timing; - Initial analysis based on desk based or other research. Yes
Required Assessment of whether to set up an ad-hoc advisory group Not assessed due to limitation of resource during the early part of this year.
Required UKEB Board public meeting held to approve PIP Yes, approved 09/07/21 meeting Update approved at 17/09/21 meeting following extension of IASB deadline.
Optional UKEB Education or initial assessment Yes, education session provided at 09/07/21 Board meeting.

Communications

Step Required / Optional Metrics or evidence UKEB secretariat comments
Communications UKEB Board public meetings held to discuss technical project Required Yes, 20/07/21 Approve PIP; Approve DCL 17/09/21 Approve updated PIP; 18/11/21 Update of stakeholder feedback 09/12/21 Approve DCL, Approve FS, Approve CS.
Required Board meeting papers posted and publicly available on a timely basis. Yes
Required Project website contains a project description and up to date information. Yes
Optional Number of webcasts, podcasts or educational videos to provide interested parties with high level updates or other useful information about the technical project Three education videos recorded in conjunction with IASB available via UKEB website.

Outreach activities

Fieldwork undertaken

Step Required / Optional Metrics or evidence UKEB secretariat comments
Public events, roundtables, workshops or interviews with specific groups of stakeholders Optional Numbers for stakeholder outreach and venues documented Documented in Feedback Statement. All meetings were virtual.
Online survey Optional Number and results of surveys Yes. The survey targeting SMEs only received one response, so this was supplemented by meetings with representatives of accounting firms who service the SME companies.
Field tests Optional Number of field tests 4 field tests in conjunction with IASB. Feedback received from all participants

UKEB draft comment letter

Step Required / Optional Metrics or evidence UKEB secretariat comments
Draft comment letter Required Draft comment letter approved for publication at UKEB public meetings Yes, approved at 20/07/2021 Board meeting
Required Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation Yes Published: 26/08/2021 Comment deadline: 01/11/2021

UKEB final comment letter

Step Required / Optional Metrics or evidence UKEB secretariat comments
Final comment letter Required Final comment letter approved for publication at UKEB public meeting. Approved at the 09/12/21 Board meeting
Required Publish final comment letter on UKEB website and submit to IASB Yes
Required News Alert published to announce publication Yes. Included in News Alert published 17/12/2021.

Finalisation

Feedback statement

Step Required / Optional Metrics or evidence UKEB secretariat comments
Feedback statement Required Draft Feedback Statement for discussion and review at UKEB public meeting Feedback Statement approved at Board meeting 09/12/21.
Required Feedback Statement posted on UKEB Website Yes
Required News Alert published to announce publication Yes. Included in News Alert published 17/12/2021.

Compliance Statement

Step Required / Optional Metrics or evidence UKEB secretariat comments
Compliance Statement Required Due process Compliance Statement approved by UKEB in public meeting Yes. Approved at 09/12/21 Board meeting.
Required Due Process Compliance Statement posted on UKEB Website Yes*
Required News Alert published to announce publication Yes*

Conclusion

This ED was published in March 2021. Due to resource constraints, the PIP was approved at the 20 July 2021 Board meeting. The PIP explained this ED was likely to impact a large number of UK stakeholders so educational videos in conjunction with IASB were created and an approach centred on roundtables and stakeholder interviews agreed. Extension to the IASB timeline allowed this outreach to involve further stakeholders and allowed time for UK field tests. The lack of formal responses to the draft comment letter has been mitigated by the extensive stakeholder participation in other forms of outreach, including field tests. Since March 2021 UKEB due process has been subject to change, culminating in production of the consolidated draft Due Process Handbook reviewed by the Board at its November meeting. Overall, on this project due process, as understood at the time, was complied with.

Approval
Does the Board approve the Disclosure Pilot Due Process Compliance Statement for publication?

Footnotes

  1. This reflects the final wording of this document that will be published on the UKEB website, and News Alert sent, once this document has been Noted at the 20/01/22 board meeting. ↩