EFRAG issues feedback statement on the IASB's exposure draft of proposed amendments on the application of the definition of a business
29 Nov, 2016
The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement summarising the main comments received from constituents invited to respond to its draft comment letter in relation to the International Accounting Standards Board’s (IASB’s) Exposure Draft ED/2016/1 'Definition of a Business and Accounting for Previously Held Interests'.
The amendments propose to clarify:
- the definition of a business; and
- the accounting for previously held interests when an entity obtains control of a business that is a joint operation and when it obtains joint control of a business that is a joint operation.
EFRAG published its draft comment letter in July 2016 and its final comment letter in November 2016.
The feedback statement summarises the main comments received by EFRAG in relation to the draft comment letter and explains how those comments were considered by EFRAG in reaching its final position on the IASB ED set out in their final comment letter to the IASB.
The press release and full feedback statement are available on the EFRAG website.
