The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), has issued this Due process document on IASB and IFRS Interpretations Committee: Due Process Handbook on 8 May 2012.

The Handbook describes the steps followed by the IASB in developing or revising International Financial Reporting Standards (IFRSs), required or permitted for use by companies in more than 100 countries. Although previous revisions have been made to the handbook, this is the first time a major review has been undertaken since 2006.

The revised Handbook fully incorporates the necessary due process enhancements recommended by the recent Monitoring Board Governance Review and Trustees’ Strategy Review, as well as recommendations from the Trustees’ Review of the Efficiency and Effectiveness of the IFRS Interpretations Committee.

Invitation to comment

ASB invites comments on the said Due process document from the public. The downloadable version of the Document is available at: http://www.ifrs.org/DPOC/DueProcessHandbook/Documents/DueProcess.pdf

Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than August 30, 2012. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.