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Deloitte comment letter on IASB Request for Information 'Post-implementation Review: IFRS 3 Business Combinations'

Published on: 30 May 2014

Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board’s (IASB) Post-implementation Review: IFRS 3 Business Combinations.

We continue to support the post-implementation review programme and 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. We encourage the Board to engage with the U.S. Financial Accounting Standards Board to ensure continued convergence of IFRSs and US GAAP.

Download the full comment letter below.

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