Post Implementation Review of IFRS 9 - Classification and Measurement - Due Process Compliance Statement
Influencing process: PIR IFRS 9
| Step | Required / Optional | Metrics or evidence | UKEB secretariat comments |
|---|---|---|---|
| IASB's due process document | |||
| Request for Information. Post-implementation Review, IFRS 9 Financial Instruments - Classification and Measurement | Required | Published: 30/09/2021 Comment deadline: 28/01/2022 |
Note: This PIR only addresses Classification and Measurement. IASB are expected to commence PIRs for the impairment and hedge accounting requirements of IFRS 9 in late 2022/ early 2023. |
| Project preparation | |||
| 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 18/11/21 meeting | |
| UKEB Education or initial assessment | Optional | Yes, an information sheet on IFRS 9 Classification and Measurement requirements was included in the technical update at the 18/11/21 Board meeting. | |
| Communications | |||
| Communications | Required | UKEB Board public meetings held to discuss technical project | Yes, 18/11/21 Approve PIP 09/12/21 Approve DCL and ITC questions; 20/01/22 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 | |
| Outreach activities | |||
| Fieldwork undertaken | |||
| 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 | One survey was undertaken which received two responses from preparers. Feedback provided was consistent with that of other preparers who had participated in previous roundtable events etc. |
| UKEB draft comment letter | |||
| Draft comment letter | Required | Draft comment letter approved for publication at UKEB public meetings | Yes, approved at 09/12/2021 Board meeting |
| Required | Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation | Yes Published: 15/12/2021 Comment deadline: 10/01/2022 Due to timing of the consultation a stakeholder survey asking open ended questions on the questions in IASB's Request for Information was published on the UKEB website on 16 November and closed on 15 December 2021. This provided an opportunity for stakeholders to provide feedback if they found the DCL timing inconvenient. |
|
| Required | News Alert published to announce publication | Yes | |
| Required | Public responses on draft comment letter posted on website | No responses received. | |
| UKEB final comment letter | |||
| Final comment letter | Required | Final comment letter approved for publication at UKEB public meeting. | Approved at the 20/01/22 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 the News Alert published 03/02/2022. | |
| Finalisation | |||
| Feedback statement | Required | Draft Feedback Statement for discussion and review at UKEB public meeting | Approved at the 20/01/22 Board meeting. |
| Required | Feedback Statement posted on UKEB Website | Yes. | |
| Required | News Alert published to announce publication | Yes. Included in the News Alert published 03/02/2022. | |
| Compliance Statement | |||
| Compliance Statement | Required | Due process Compliance Statement approved by UKEB in public meeting | Approved at the 20/01/22 Board meeting |
| Required | Due Process Compliance Statement posted on UKEB Website | Yes. |
Conclusion
This RFI was published on 30 September 2021 and the PIP approved at the November Board meeting. The timing of the consultation was curtailed as it largely fell over the holiday season and year end preparation/reporting for many preparers. To mitigate the impact of this, 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 stakeholder survey asking open ended questions on all the Request for Information topics, open from 16 November to 15 December 2021. The lack of formal responses to the draft comment letter has been mitigated by survey responses and the extensive stakeholder participation in other forms of outreach, which contributed to the drafting of the DCL. Overall this project due process complies with the UKEB Due Process that is in place at the time of writing.