The Interpretations Committee observed that the difficulty in determining whether an acquisition meets the definition of a business in Appendix A of IFRS 3 is not limited to the acquisition of investment property. The Interpretations Committee noted that this broader issue goes beyond the scope of its activities and should be addressed by the IASB as part of its post-implementation review on IFRS 3. However, the Interpretations Committee considered it to be useful for the IASB’s post-implementation review if it contributes to that review its experience and the results from the discussions on this issue. Consequently, the Interpretations Committee directed the staff to continue their discussions with the staff of the US accounting standard setter, the Financial Accounting Standards Board, and to continue their outreach to interested parties from other industry sectors with the aim of providing the IASB with relevant information for its post-implementation review.
The staff will present the results of this further work at a future meeting.
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