EFRAG and the European National Standard Setters invite companies to share their experience with applying IFRS 3

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

25 Feb, 2014

The European Financial Reporting Advisory Group (EFRAG) and the standard-setters of France, Germany, Italy and the UK invite European companies to share their practical experiences with IFRS 3 'Business Combinations' (and any consequential amendments to other Standards) in order to learn whether IFRS 3 is working as intended for European companies applying IFRS.

The objective of the outreach is to obtain evidence about any aspect of the application of IFRS 3 but will focus especially on the questions whether there are areas of IFRS 3 that represent implementation challenges and whether unexpected costs have arisen when meeting the requirements of the Standard. These questions are also the focus of the Request for Information Post-implementation Review: IFRS 3 Business Combinations published by the IASB on 30 January 2014 but they have been supplemented with additional questions on areas that EFRAG and the standard-setters believe call for more detailed insight.

Preparer-companies that wish to participate in this outreach should have recent experience (since 2009) in applying IFRS 3 to business combinations. Participants will be asked for their written input, in the form of a questionnaire, which will form the basis for a follow-up discussion with EFRAG staff and/or staff of the National Standard Setters. Participants are asked to submit the questionnaire by 15 April 2014.

The feedback received will assist EFRAG and its partners to prepare a response to the Request for Information. However, IASB staff will also participate directly in the process to learn about the detailed responses and to avoid creating overlap with the outreach activities the IASB is organising.

More information about how the outreach activities will be conducted and contact information for companies wishing to participate is available in the press release on the EFRAG website.  A copy of the questionnaire can be obtained from the Financial Reporting Council (FRC) website.

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