Report on the European outreach event on the discussion papers 'Business Combinations Under Common Control' and 'Improving Financial Reporting of Income Tax' in London
May 14, 2012
The European Financial Reporting Advisory Group (EFRAG) has posted to its website a feedback statement reflecting input received in the EFRAG - UK ASB - OIC event on the discussion papers 'Business Combinations Under Common Control' and 'Improving Financial Reporting of Income Tax' held on 16 April 2012 in London.
The outreach event was part of a series of events held in various European cities in order to hear what practitioners and others thought about the topics considered in the discussion papers on business combinations under common control (published in October 2011) and improving the financial reporting of income tax (published in December 2011).
Since EFRAG had deliberately not taken a position in either discussion paper but rather attempted to provide a comprehensive analysis of the issues in order to stimulate a debate in Europe, the discussion was very open and comprehensive and even covered issues originally not included in the discussion papers such as general transactions made between related parties and the definition of income tax.
Please click for access to the report on the EFRAG website. Reports from the other outreach events of the series have not been published yet.
The input received during the outreach events and the comment letters on the discussion papers will form the basis for EFRAG’s re-deliberation of the issues. EFRAG will then decide about what further steps need to be taken before putting forward views to the IASB.