Due Process Compliance Statement - Amendments to the Fair Value Option (IAS 28)
The International Accounting Standards Board (IASB) published Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures1 on 19 February 2026. The IASB comment period ended on 20 April 2026.
Influencing Process
Milestone: Project Initiation Plan (PIP) (mandatory) [Due Process Handbook (Handbook) 6.12–6.16, A1–A2]
PIP completed (including objective, timeline, milestones, outreach plan, resources, output and explanations for any change in consultation period or whether an advisory group is necessary) and approved at public meeting
Complete: The PIP was approved at the 29 January 2026 Board meeting subject to further revisions.
Assessment of whether PIP required updating
Complete: We monitored this throughout the project, the nature and scope of which remained as proposed in the original PIP.
Education Session/s (optional) [Handbook 4.10]
Board provided with Education session/s
N/A: None provided due to narrow scope of project.
Milestone: Desk-based Research (optional) [Handbook 5.9 and A3]
Review of relevant documentation
Complete: the Secretariat has reviewed:
- The IASB’s work on the Amendments (staff papers, ED).
- The Basis for Conclusions to the ED.
- Other standard-setters’ views.
- Accounting manuals for guidance and illustrative examples.
Milestone: Outreach Activities [Handbook 5.10–5.12 and A4–A8]
Evidence of consultation
Complete: Due to the narrow-scope nature of the Amendments, consultation activities were focused on obtaining responses to the Draft Comment Letter (DCL) and consultation with advisory groups. The UKEB received 6 comment letters.
Milestone: Draft Comment Letter (DCL) published for comment (Mandatory unless impracticable) [Handbook 5.13–5.17 and A4(d)]
The UKEB sets comment period for responses to Draft Comment Letter and published on website for public consultation
Complete: The DCL was published for consultation for 30 days on 4 March 2026 (comment period deadline: 4 April 2026).
Review and approval at a UKEB public meeting
Complete: The DCL was reviewed and approved at the Board meeting on 26 February 2026.
Milestone: Final Comment Letter (FCL) [Handbook 5.18 and A4(d)]
Public responses to DCL assessed and published on website
Complete: The UKEB received 6 comment letters which were published on the UKEB website. All responses were assessed, reflected as appropriate in the FCL and summarised in the Feedback Statement.
FCL approved by the UKEB in public meeting
Complete: A draft of the FCL was presented for approval to the Board at its 23 April 2026 public meeting. The Board approved the FCL.
FCL submitted to the IASB and posted on UKEB website
The FCL was submitted to the IASB and posted on the UKEB website on 23 April 2026.
Milestone: Feedback Statement [Handbook 5.19–5.22 and A9–A11]
Feedback Statement approved for publication by the UKEB in a public meeting
Complete: A draft of the Feedback Statement was presented for approval to the Board at its 23 April 2026 public meeting. The Board approved the draft Feedback Statement.
Feedback Statement published on the UKEB website
Complete: The final Feedback Statement was published on the UKEB website on 23 April 2026.
Milestone: Due Process Compliance Statement (DPCS) [Handbook 5.23–5.26 and A12–A14]
DPCS approved by the UKEB in public meeting
Complete: A draft DPCS was presented for approval to the Board at its 23 April 2026 public meeting. A final DPCS was presented for noting at the Board’s 21 May 2026 meeting.
DPCS published on the UKEB website
Complete: The final DPCS was published on the UKEB website after the 21 May 2026 Board meeting.
Communications (mandatory) [Handbook 4.20–4.25]
Board meeting papers posted and publicly available usually no later than 5 working days before a Board meeting
Complete: The UKEB’s meeting papers were published on the UKEB website 5 working days before the public meetings. Meeting minutes and recordings were made publicly available via the UKEB website.
Project webpage contains a project description with up-to-date project information
Complete: The project webpage has been updated regularly on a timely basis.
Subscriber Alerts
Complete: Subscribers were alerted via email 5 days before each Board meeting, with links to the agenda, papers and the option to dial in to observe the discussion.
News Alerts
Complete: A News Alert was published on 23 April 2026 alerting stakeholders to the FCL.
Conclusion
This project complies with the applicable due process steps, as set out in the December 2022 Handbook.