Deloitte comment letter on discussion paper on business combinations under common control
Deloitte's IFRS Global Office has submitted a letter of comment to the European Financial Reporting Advisory Group (EFRAG) and the Organismo Italiano di Contabilita (OIC) on their 'Discussion Paper Accounting for business combinations under common control'.
The main goal of the EFRAG's paper published in October 2011 is to create a discussion on the current lack of guidance and the resulting differences of accounting under IFRS for business combinations between entities under common control.
We support the EFRAG's initiatives on achieving this goal. However, we believe the EFRAG could achieve more by being part of a formal working relationship with the IFRS Foundation.