IFRS Foundation published proposed updates to the Due Process Handbook

Today, the IFRS Foundation Trustees have published proposed updates to the Due Process Handbook (Handbook) to reflect the creation of the ISSB in 2021. The Handbook describes the process the Foundation’s standard-setting boards—the IASB and the ISSB—follow in their development, maintenance and application support of IFRS Standards. This due process is built on the principles of transparency, full and fair consultation and accountability.

The Handbook was last updated in 2020, before the ISSB was created. Since then, two areas of potential changes have arisen. Hence, there are proposed updates on the following two areas:

1. Reflecting the creation of the ISSB, which comprises
   • including the due process for the ISSB – which does not change the due process, but primarily ensure the Handbook shows that the ISSB and the IASB follow the same rigorous, inclusive and transparent standard-setting process;
   • including a description of the due process for the SASB Standards and the SASB Standards Taxonomy, which are maintained by the ISSB;
   • otherwise reflecting connectivity between the IASB and the ISSB.
2. Enhancements and clarifications, which affect explanations of
   • the purpose of post-implementation reviews of IFRS Standards;
   • the IFRS Interpretations Committee’s work with the IASB to support consistent application of IFRS Accounting Standards;
   • the process of consulting on packages of minor improvements to the Standards; and
   • the review process for education materials.

The consultation on these proposed updates is open for comments until 28 March 2025.