The term 'Due Process Oversight Committee (DPOC)' is included in the Accounting edition of the Financial Dictionary. Get your copy on Amazon in Kindle, Paperback or Audio edition. Check for lowest price here...
Within the structure and organization of the IFRS International Financial Reporting Standards, the trustees have various bodies that help them to perform their duties. The Due Process Oversight Committee is the one that carries the responsibility to monitor the procedures for effective due process. They also do this for the IASB International Accounting Standards Board and its Interpretations Committee.
This Due Process Oversight Committee generally holds meetings four times per year on the sidelines of the usually quarterly IFRS Foundation trustees meeting. When they require additional meetings, the DPOC usually handles them via conference call. Each year, they select different international locations for their meeting places. One of their quarterly meetings is usually held in London. In May and June of 2016, the IFRC Trustees and DPOC met in Jakarta and London, respectively. The Trustees and committee met in Beijing in October of 2015, London in June of 2015, Toronto in of April 2015, and Zurich in February of 2015.
There are a number of different responsibilities that the Due Process Oversight Committee carries out for the IFRS and the IASB. These are all spelled out within the Interpretations Committee Due Process Handbook of both the IFRS and the IASB. The first of these is to review the standard setting activities in which the IASB and staff of the IFRS Foundation engage. They do this review of due process activities routinely and with expediency as their mandate requires.
The Due Process Oversight Committee is also responsible for reviewing the Due Process Handbook that governs the committee among other things. They are to suggest updates to it that are in order. These updates would pertain to developing new and reviewing old standards, their various interpretations, and the Taxonomy of the IFRS itself. They do this to make sure that the procedures of the IASB are the best practice possible.
Besides this the Due Process Committee is tasked with reviewing the consultative groups of the IASB. They check who makes up the groups to ensure that the perspectives included are well balanced. They wish to have representation from the various relevant sub-disciplines. It is the committee’s aim to ensure that these consultative groups are effective in their duties.
When outside parties request information on any due process issues, this Due Process Committee is the one that has to respond to them. They work with the technical staff of the Director for Trustee Activities to cohesively do so.
The IFRS Foundation bodies are also monitored for effectiveness by the Due Process Oversight Committee. They check up on the activities that involve standard setting at both the Interpretations Committee and the IFRS Advisory Council. Other groups within the IFRS Foundation which address the setting of standards are also followed up on by this Due Process Committee.
Finally, this important oversight committee is responsible for coming up with and issuing its recommendations to the IFRS Trustees about changing the committees. When the Due Process Oversight Committee determines that the makeup of these various committees that deal with due process needs to be changed, they let the Trustees know so that the committees can be appropriately re-balanced.
The Due Process Oversight Committee issues summaries of all of its meetings. These and any other papers and reports which they author are all found on their websites which are sub-pages of the International Financial Reporting Standards and the International Accounting Standards Board.