Due Process Compliance Statement - Supplier Finance Arrangements
| Step | Required / Optional | Metrics or evidence | UKEB secretariat comments |
|---|---|---|---|
| IASB's due process document | |||
| Exposure Draft ED Supplier Finance Arrangements | Published: 26/11/2021 Comment deadline: 28/03/2022 |
||
| 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 |
| Required | Assessment of whether to set up an ad-hoc advisory group | Yes. Concluded an ad-hoc group was not necessary as it was not proportionate. | |
| Required | UKEB Board public meeting held to approve PIP | Yes, approved at 20/01/22 meeting | |
| Optional | UKEB Education or initial assessment | Yes, an education session was held at the 9/12/21 private Board meeting. | |
| Communications | |||
| Communications | Required | UKEB Board public meetings held to discuss technical project | Yes, 20/01/22 Approve PIP 20/01/22 Approve DCL and ITC questions; 18/03/22 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 | Undertook 14 one-on-one discussions with various stakeholders. Documented in Feedback Statement. |
| UKEB draft comment letter | |||
| Draft comment letter approved for publication at UKEB public meetings | Required | Draft comment letter approved for publication at UKEB public meetings | Yes, approved at 20/01/22 Board meeting |
| Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation | Required | Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation | Yes Published: 26/01/22 Comment deadline: 04/03/22 |
| News Alert published to announce publication | Required | News Alert published to announce publication | Yes |
| Public responses on draft comment letter posted on website | Required | Public responses on draft comment letter posted on website | 1 comment letter received and published on the UKEB website |
| UKEB final comment letter | |||
| Final comment letter | Required | Final comment letter approved for publication at UKEB public meeting. | Approved at the 18/03/22 Board meeting |
| Required | Publish final comment letter on UKEB website and submit to IASB | Yes on 28/03/22. | |
| Required | News Alert published to announce publication | Yes. Sent on 31/03/22. | |
| Finalisation | |||
| Feedback statement | Required | Draft Feedback Statement for discussion and review at UKEB public meeting | Approved at Board meeting 18/03/22. |
| Required | Feedback Statement posted on UKEB Website | Yes on 28/03/22. | |
| Required | News Alert published to announce publication | Yes. Sent on 31/03/22. | |
| Compliance Statement | |||
| Compliance Statement | Required | Due process Compliance Statement approved by UKEB in public meeting | Approved at 18/03/22 Board meeting. |
| Required | Due Process Compliance Statement posted on UKEB Website | Yes. |
Conclusion
This ED was published on 26 November 2021 with a comment deadline of 28 March 2022. The timing of consultation activities was affected by the holiday season and year-end preparation/reporting. Given the ED was a narrow-scope amendment a focus on targeted outreach and one-on-one discussions was deemed appropriate. We also engaged with a number of organisations, in addition to UKEB channels, to publicise the content of the Draft Comment Letter and seek feedback. We had good engagement with a range of stakeholders, which supported the development of both the Draft and Final Comment Letters.
Overall, this project due process complies with the UKEB Due Process that is in place at the time of writing.