| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Exposure Draft ED Subsidiaries without Public Accountability: Disclosures |
|
Published: 26/07/2021 Comment deadline: 31/01/2022 |
Note: The Board decided to allow additional time, so that the consultation period on the draft comment letter (DCL) closed on 31 January 2022. The Board asked the UKEB Secretariat to communicate the late submission of its final comment letter to the IASB, by approximately three weeks, as well as highlighting the Board's draft position as published in the DCL. |
| 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 |
| Assessment of whether to set up an ad-hoc advisory group |
Required |
Assessed, but not required. |
|
| UKEB Board public meeting held to approve PIP |
Required |
Yes, approved 28/10/21 meeting |
|
| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Communications |
Required |
UKEB Board public meetings held to discuss technical project |
Yes, 28/10/21 Approve PIP 09/12/21 Approve DCL and ITC questions; 17/02/22 Approve FCL, 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 |
Yes, 1. education video; and 2. FRS 101 and ED comparison paper on project website |
|
Optional |
UKEB Education or initial assessment |
Yes, an education session at the 27/10/21 private Board meeting. |
| 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 |
2 surveys (one preparer and one user) received two responses. Feedback provided was consistent with that of other preparers and users who had participated in previous roundtable events etc. |
| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Draft comment letter approved for publication at UKEB public meetings |
Required |
Yes, approved at 09/12/2021 Board meeting |
|
| Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation |
Required |
Yes Published: 17/12/2021 Comment deadline: 31/01/2022 |
|
| News Alert published to announce publication |
Required |
Yes |
|
| Public responses on draft comment letter posted on website |
Required |
Yes, 1 response received |
|
| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Final comment letter approved for publication at UKEB public meeting. |
Required |
Approved at the 17/02/22 Board meeting |
|
| Publish final comment letter on UKEB website and submit to IASB |
Required |
Yes. |
|
| News Alert published to announce publication |
Required |
Yes. Included in the News Alert published 24/02/2022 |
|
| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Draft Feedback Statement for discussion and review at UKEB public meeting |
Required |
Approved at the 17/02/22 Board meeting. |
|
| Feedback Statement posted on UKEB Website |
Required |
Yes. |
|
| News Alert published to announce publication |
Required |
Yes. Included in the News Alert published 24/02/2022. |
|
| Step |
Required / Optional |
Metrics or evidence |
UKEB secretariat comments |
| Due process Compliance Statement approved by UKEB in public meeting |
Required |
Approved at the 17/02/22 Board meeting. |
|
| Due Process Compliance Statement posted on UKEB Website |
Required |
Yes. |
|
This ED was published on 26 July 2021 with a comment deadline of 31 January 2022. However, due to Board agenda constraints, the PIP was approved at the October 2021 meeting. This meant that the timing of the Board had to choose between a significantly curtailed consultation or a delay to submission of the final comment letter to the IASB. The Board decided that the stakeholder outreach was particularly important on this project and therefore chose the latter option. The likely delay in the UKEB response was highlighted to the IASB's project team. To mitigate the fact that even the extended consultation period overlapped with year-end reporting periods for a large number of UK companies, stakeholder roundtables were held in November and the feedback from these informed the draft comment letter. Stakeholders were also provided other ways of contributing their views on the consultation e.g. a preparer survey open from 02 November 2021 to 31 January 2022 and a user survey open from 06 January to 31 January 2022. In addition, one to one interviews were carried out with preparers and users after publication of the DCL, which contributed to the FCL. These additional outreach activities also mitigated the lack of formal responses to the draft comment letter.
Overall, this project due process complies with the UKEB Due Process that is in place at the time of writing.
Does the Board approve the Exposure Draft Subsidiaries without Public Accountability: Disclosures Due Process Compliance Statement for publication?