Due Process Compliance Statement - Amendments to the Classification and Measurement of Financial Instruments

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Title of the Amendments	Issue dates
Amendments to IFRS 9 and IFRS 7—Amendments to the Classification and Measurement of Financial Instruments (the Amendments).	- Exposure Draft ED 2023/2 issued: 21 March 2023 (the ED) - Final Amendments issued: 30 May 2024 Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.

Project preparation

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Added to the UKEB technical work plan [Due Process Handbook (Handbook) 4.30]	Mandatory	Project is included in the UKEB published technical work plan	Complete: the Amendments were included in the UKEB published technical work plan dated 28 June 2024.
Project Initiation Plan (PIP) [Handbook 6.12 to 6.16, A1 to A2 and A12 to A14]	Mandatory	PIP, including an outreach plan for stakeholders, communication approach, resource allocation and an assessment of whether to set up an ad hoc advisory group, approved at a UKEB Board public meeting.	Complete: The PIP included the purpose, background, proposed outreach activities, milestones and timelines for the project. The resource allocated was 0.5 of a Project Director, along with appropriate support from a Project Manager and from the UKEB Economics team. Taking a proportionate approach, an ad hoc advisory group was not considered necessary. The PIP was approved at the 28 June 2024 Board meeting and published on the UKEB webpage.
	Mandatory	Assessment of whether PIP required updating	Complete: The Secretariat monitored this throughout the project, the nature and scope of which remained as proposed in the original PIP.
Education sessions [Handbook 4.10]	Optional	Board provided with Education sessions	Complete: The Board was provided with an education session at its 28 June 2024 meeting (private session).

Desk-based research

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Desk-based research [Handbook 6.17 and A3]	Optional	Review of relevant documentation	Complete: the Secretariat has reviewed relevant documentation, including: - The IASB’s work on the Amendments (including staff papers, the ED, the Amendments); - the Dissenting opinion on effective date of the Amendments; - The Bases for Conclusions for the Amendments; - Comment letters on the ED received by the IASB from UK stakeholders; and - Previous work done by the UKEB on the preceding Post-implementation Review and ED projects.

Outreach

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Consult with a representative range of stakeholders prior to adoption [Handbook 6.18 to 6.22 and A4 to A8]	Mandatory	Evidence of consultation	As described in the PIP, consultation activities were focused on consultation with selected UKEB advisory and working groups, consultation with relevant regulators and public consultation on the Draft Endorsement Criteria Assessment (DECA).
DECA [Handbook 6.23 to 6.29 and A4(d)]	Mandatory	Comment period set for responses to DECA, review and approval of DECA at a UKEB public meeting and published on website for public consultation	Complete: The DECA was reviewed and approved at the 19 September 2024 Board meeting. The DECA was published on the UKEB website for consultation on 26 September 2024, for a 107-day consultation period, ending 10 January 2025. Three News Alerts (published on 26 September 2024, 13 December 2024 and 6 January 2025) and three LinkedIn posts (published on 26 September 2024, 11 December 2024, 6 January2025) were issued to solicit stakeholder feedback.
	Mandatory	Public responses to DECA assessed and published on website	Complete: The UKEB received seven written responses to the DECA consultation, which were published on the UKEB website. A summary of the feedback received was presented to the 27 February 2025 Board meeting, and minor changes agreed with the Board were made to the draft ECA. Feedback received was summarised in the Feedback Statement.

Project finalisation and project closure

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Final Endorsement Criteria Assessment (ECA) [Handbook 6.32 and 6.40 to 6.48 and A4d]	Mandatory	Final ECA approved by the UKEB in public meeting and published on the website	Complete: The Board approved the ECA at its 28 March 2025 public meeting. The final ECA was published on the UKEB website. A News Alert and a LinkedIn post were published on 17 April 2025 to alert stakeholders to the endorsement and adoption of the Amendments.
Feedback Statement [Handbook 6.33 to 6.36 and A9 to A11]	Mandatory	Feedback Statement approved by the UKEB in a public meeting and published on the UKEB website	Complete: The Board approved the feedback statement at its 28 March 2025 public meeting. The final Feedback Statement was published on the UKEB website on 17 April 2025.
Adoption Statement [Handbook 6.40 to 6.48]	Mandatory	Adoption Statement approved by the UKEB in public meeting and published on the UKEB website	Complete: The Adoption Statements for the Amendments were approved by the Board at its 28 March 2025 public meeting. The final Adoption Statements for the Amendments were published on 17 April 2025.
Voting on adoption of the Amendments [Handbook 6.42 to 6.48]	Mandatory	Tentative vote	Complete: A tentative vote took place at the 28 March 2025 Board meeting, based on the discussion of the Adoption Package, which included the final draft ECA, draft Feedback Statement, draft DPCS, the draft Adoption Statements for the Amendments and the text of the UK-adopted international accounting standard Amendments to IFRS 9 and IFRS 7—Amendments to the Classification and Measurement of Financial Instruments. The vote was indicative only.
	Mandatory	Evidence of written vote (in paper or electronic form)	Complete: The Adoption Statement and voting forms were sent to the Board for voting (accompanied by the text of the Amendments to be adopted) on 10 April 2025 (written forms due by 17 April 2025). The vote was formalised when the final written voting forms were received, on 15 April 2025.
	Mandatory	Outcome of the vote within 3 working days of the formal vote published on website	Complete: The announcement of the adoption of the Amendments was published on the UKEB website on 17 April 2025.
Due Process Compliance Statement (DPCS) [Handbook 6.37 to 6.39 and A12 to A14]	Mandatory	DPCS approved by the UKEB in public meeting and published on the UKEB website	Complete: A draft DPCS was presented for approval to the Board at its 28 March 2025 public meeting. A final DPCS was tabled for noting at the Board’s 22 May 2025 meeting. The final DPCS was published on the UKEB website after the 22 May 2025 Board meeting.

Ongoing communications

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Public Board meetings [Handbook 4.10]	Mandatory	UKEB public meetings held to discuss technical project	Complete: The Board approved: - the PIP at its meeting on 28 June 2024, - the DECA at its meeting on 19 September 2024; and - the draft Adoption Package at its meeting on 28 March 2025. A paper summarising feedback received during the DECA consultation period was discussed by the Board at its meeting on 27 February 2025.
Secretariat papers [Handbook 4.20]	Mandatory	Board meeting papers posted and publicly available usually no later than five working days before a Board meeting	Complete: The UKEB’s meeting papers were published on the UKEB website five working days before the public meetings. Meeting minutes and recordings were made publicly available via the UKEB website.
Project webpage [Handbook 4.25(b)]	Mandatory	Project webpage contains a project description with up-to-date information on the project. Consider optional Subscriber Alerts, News Alerts and Linked In posts to announce the publication of key documents	Complete: The project webpage has been updated regularly on a timely basis. Optional News Alerts and LinkedIn posts were issued throughout the project, as appropriate, for the publication of the DECA, the Final ECA and Feedback Statement as detailed in the relevant sections above.

Conclusion

This project complies with the applicable due process steps, as set out in the Handbook (published December 2022).

Footnotes

In accordance with the Due Process Handbook. ↩↩↩↩↩

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