OIC, the National Standard Setters ANC, ASCG, FRC and EFRAG invite companies to share their experiences with IFRS 3 – Business Combinations

OIC, the National Standard Setters ANC, ASCG, FRC and EFRAG are requesting that European companies share their practical experiences with IFRS 3 (and any consequential amendments to other Standards).

The feedback received will assist the National Standard Setters listed above and EFRAG to prepare a response to the IASB’s Request for Information. We wish to gather feedback from preparer-companies with recent experience (since 2009) of accounting for business combinations.
The objective of the outreach is to obtain evidence about any aspect of the application of IFRS 3 (and of any of the consequential amendments to other Standards) resulting from the Business Combinations project. Specifically, we would like to understand whether there are areas of IFRS 3 (and any consequential amendments to other Standards) that represent implementation challenges and whether unexpected costs have arisen when meeting the requirements of the Standard.
Preparer-companies that wish to participate in this outreach will be asked about their experience in applying IFRS 3 to their recent business combinations. The field work is expected to conclude by 15 April 2014.
The field work is based on the questions in the IASB’s Request for Information, but includes additional questions on areas that we believe call for more detailed insight.
For more information about the outreach, please refer to the press release on the EFRAG website.

If you would like to participate in the field-test, for Italy please contact Marco Mattei, by telephone 06.6976681 or to the e-mail address mmattei@fondazioneoic.it