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EFRAG issues draft endorsement advice on amendments to IFRS 3 regarding the definition of a business

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

16 Jan 2019

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement advice letter and a separate invitation to comment relating to the use in the European Union (EU) of Definition of a Business (Amendments to IFRS 3) (“the Amendments”).

The Amendments, published in October 2018 aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. 
 
EFRAG recommends the endorsement of the Amendments. EFRAG’s initial assessment is that the Amendments meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.
 
Comments are requested by 4 March 2019.
 
For more information, see the press release, draft endorsement advice letter and the invitation to comment on the EFRAG’s website. EFRAG has also updated its endorsement status report that is available here.

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