International Financial Reporting Standards Foundation revises due process handbook for IASB and ISSB and sets process for SASB amendments

The International Financial Reporting Standards Foundation Trustees have published a revised Due Process Handbook, which sets out the required steps for the International Accounting Standards Board and the International Sustainability Standards Board when developing and maintaining Standards and supporting their consistent application. The update mainly reflects the creation of the ISSB and clarifies that both boards follow the same standard-setting process, without fundamentally changing that process. The revisions also incorporate stakeholder feedback received during the public consultation. They include minor enhancements and clarifications on the purpose of post-implementation reviews of Standards, the role of the IFRS Interpretations Committee, consultation on minor improvements to Standards and the review process for educational materials. In addition, the Handbook now sets out how changes to the SASB Standards will be made. Companies are required to consider those Standards when applying the ISSB’s Standards, and any amendments will be consulted on in the same way as IFRS Sustainability Disclosure Standards and decided by the ISSB in public meetings. The Trustees’ Due Process Oversight Committee led the update and the Foundation has also provided a Project Summary and Feedback Statement.