We comment on the post-implementation review of IFRS 3

  • Deloitte Comment Letter Image

30 May, 2014

We have published our comment letter on the IASB's 'Post-implementation Review: IFRS 3 Business Combinations'.

We believe the review of IFRS 3 deserves careful consideration, since the standard frequently presents conceptual and practical issues in preparing and auditing financial statements. It also addresses highly significant transactions that might frequently be an area of focus for users.

One item in particular that we believe should be considered is the subsequent measurement of goodwill and indefinite life intangible assets acquired in a business combination. We recognise that a full consideration of this issue may be outside the scope of a post-implementation review of IFRS 3, but we believe the issue is significant and that the post-implementation review provides an appropriate opportunity to begin its consideration

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