Deloitte comment letter on ED 'Combinations by Contract Alone or Involving Mutual Entities'

Published on: 16 Jul 2004

We strongly disagree with the proposed amendments and the issuance of any standard arising from this Exposure Draft. The proposed amendments create an additional form of purchase accounting with different rules than those for other business combinations.

We believe the proposals constitute an unsuitable short-term solution and believe it would be more appropriate to leave the standard unchanged until such time as adequate research into, and resolution of, the accounting issues created by such transactions is completed.


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