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Rules of Procedure

Other
Last Update 07/02/21

The Rules of Procedure document ensures the clarity, robustness, and integrity of SASB’s operations and processes. The Rules of Procedure project will ensure that the operations and Standard-setting/revising processes detailed in the document reflect SASB’s procedures today.

Sector

N/A

Issues

SASB Process

Project Status

Public Comment Analysis

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Project Overview

Project Objective

The Rules of Procedure document ensures the clarity, robustness, and integrity of SASB’s operations and processes. The Rules of Procedure project will ensure that the operations and Standard-setting/revising processes detailed in the document reflect SASB’s procedures today.

Project Background

SASB’s Rules of Procedure document was published in February of 2017 and does not reflect SASB’s updated mission statement, nor does it reflect SASB’s sole focus on a project-based approach.


Project Status

  • Phase 1 - Initial Research
  • Phase 2 - Stakeholder Consultation
  • Phase 3 - Post-Consultation Analysis
  • Phase 4 - Exposure Draft Development
  • Phase 5 - Public Comment Period
  • Phase 6 - Public Comment Analysis
  • Phase 7 - Completed

Current Status

The Rules of Procedure public comment period ended on December 31, 2020, and SASB’s Standards Board is currently considering all public comments.

Next Steps

SASB’s Standards Board will consider all public comments submitted and conduct deliberations based on the comments received. At that time, the Standards Board may pursue further revisions of the Rules of Procedure or may approve the exposure draft as is. Upon the approval of the Rules of Procedure by the Standards Board, the approved version will supersede the 2017 version of the Rules of Procedure.


Published Documents & Supplemental Materials

Published Documents

Supplemental Materials


Board Materials & Decisions

Board Meeting Outcomes

February 2021

  • Staff presented a summary of the public comments SASB received on the Conceptual Framework and Rules of Procedure exposure drafts, which were available on SASB’s website for public comment from August 28-December 31, 2020. The purpose of the session was to facilitate the Standards Board’s understanding of the public comments SASB received.
  • Comments discussed by the Standards Board and staff included financial materiality, the characteristics for topic and metrics selection, the potential for additional detail and clarity, and considerations related to the IASB Conceptual Framework for Financial Reporting.
  • Next steps include continuing the analysis of all comments, additional market consultations, and reconvening as a project team to establish an effective plan moving forward.

June 2020

  • The Board discussed four main topics relating to the Conceptual Framework and Rules of Procedure, which serve as key governing documents for SASB’s standard-setting work: 1) the complementary relationship between the Conceptual Framework and Rules of Procedure documents; 2) the potential removal of the six Guiding Principles within the Rules of Procedure
    and subsequent replacement with a reference to the tenets and objectives detailed within the Conceptual Framework; 3) The potential addition of “transparency” as a tenet within the Conceptual Framework; 4) the revision of the criteria for topic and metric selection.
  • The Board discussed and staff emphasized that revisions to the Conceptual Framework and Rules of Procedure will not substantively alter SASB’s core principles or the process through which standard-setting is carried out, but rather will focus on how those principles and processes are articulated.
  • The next steps for the projects consist of staff continuing to draft revisions to the Conceptual Framework and Rules of Procedure based on views expressed by Board members. Staff plans to present proposed exposure drafts of both documents for the Board’s review in August 2020.

December 2019

  • Staff provided an update to the Board on the Rules of Procedure and Conceptual Framework Projects, which were approved by the Board in the September 2019 Board meeting.
  • The staff update and Board discussion centered on the status of the respective projects, progress to date, next steps, and key milestones.
  • No decisions that materially alter the project scope or objectives were made by the Board.

September 2019

  • The board discussed a new project on SASB’s Rules of Procedure.

Board Materials

For a full list of past and upcoming Standards Board meetings, as well as associated materials, please visit our Board Meetings Calendar & Archive.


The staff has prepared this summary for informational purposes only. Any Standards Board decisions are tentative and do not change current accounting. Official positions of SASB are determined only after extensive due process and deliberations.