Deloitte Australia welcomes AASB convergence proposal

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10 May 2005

Deloitte Australia has today issued a (PDF 24k) welcoming the Australian Accounting Standards Board's decision to issue an exposure draft that would fully converge AASB 3 Business Combinations with IFRS 3. Under the AASB proposal, business combinations involving entities under common control would be removed from the scope of AASB 3, as would certain Australian-specific requirements.

As a result, common control business combinations will be accounted for in the same manner under AASB 3 and IFRS 3. Deloitte Australia has been a long-term critic of the AASB's scope amendments to IFRS 3 when originally creating the local Australian standard, most recently in this (PDF 509k).

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