Consultation response

27 October 2016

Consultation response to IASB and EFRAG on the definition of a business and accounting

In our response to the International Accounting Standards Board (IASB), we emphasise that a better balance between a rule-based and a principle-based approach would benefit the the proposed amendments to International Financial Reporting Standard (IFRS) 3 Business Combinations. This would ensure flexibility in applying the IFRS 3 requirements aso stakeholders can exercise their professional judgement in more complex circumstances.

We agree with most of the comments and concerns expressed in EFRAG’s draft comment letter. For further details, we ask EFRAG to refer to our response letter to the IASB where we elaborate on our views.

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