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

Published on: May 30, 2014

Deloitte's IFRS Global Office has submitted a letter of comment responding to the IASB's Post-implementation Review: IFRS 3 Business Combinations.

The letter, which expresses the views of Deloitte's IFRS Global Office only, notes Deloitte's continued support of the post-implementation review program and emphasizes that 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.

The letter describes one item in particular that should be considered is the subsequent measurement of goodwill and indefinite life intangible assets acquired in a business combination. Although a full consideration of this issue may be outside the scope of a post-implementation review of IFRS 3, the issue is significant and that the post-implementation review provides an appropriate opportunity to begin its consideration. Deloitte encourages the IASB to engage with the FASB to ensure continued convergence of IFRSs and U.S. GAAP.

Download the full comment letter below.


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