In October, EFRAG issued the discussion paper, ‘Accounting for Business Combinations under Common Control’ (the ‘DP’) in order to solicit input and views from constituents, prior to publication of the final discussion paper. This publication has been issued together with the Italian standard-setter, Organismo Italiano di Contabilita’ (OIC).
The discussion paper on Accounting for Business Combinations under Common Control represents a first step in responding to the diversity that exists in practice. Its principal aim is to set out the arguments and provide analysis to stimulate discussion and debate. It therefore includes a comprehensive analysis of the issues drawing on the relevant IFRS literature. In addition, it notes that there is no 'ideal' accounting approach, but draws out three different views or ways of looking at the problem highlighting some of the strengths and weaknesses of each view.
It is expected that the input from these events will be beneficial to EFRAG and the OIC in their deliberations on the discussion paper, as well as in the future work of the IASB on its project related to the Accounting for Business Combinations under Common Control. Accordingly, EFRAG’s secretariat prepared a separate feedback statement reflecting input received on each event.
EFRAG staff also prepared a consolidated feedback statement summarising the key messages received during the European outreach events. This consolidated feedback statement will form part of the formal constituent feedback to be considered by EFRAG and the OIC in their evaluation of comments on the discussion paper.
Press release
© EFRAG - European Financial Reporting Advisory Group
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