Consultation process
Consultations leading to the exposure drafts
Although Exposure Drafts are the most obvious part of our process of public consultation, our consultations on this project began much earlier.
By the time we published the Exposure Drafts we had debated the proposals at 28 of our public Board meetings and three joint public meetings with the FASB.
We also held public meetings with our Standards Advisory Council (SAC), industry groups and other interested parties to benefi t from their insight and expertise on specific issues, including industry-related questions.
Because the project was conducted jointly with the FASB we were able to share staff and other resources. The FASB set up a Business Combinations resource group comprising accounting, auditing, analyst, valuation and related financial reporting experts in business combinations.
We consulted the FASB’s resource group members on various issues throughout the project and took part in meetings with them in April and August 2003.
In 2004 FASB and IASB staff undertook field visits to five companies that had recently completed a business combination.
Exposure Drafts
In June 2005 we published a joint exposure draft with the FASB to replace the original IFRS 3 and FASB Statement No. 141 Business Combinations (SFAS 141).
We also published related proposed amendments to IAS 27 and the FASB published a proposed statement to replace Accounting Research Bulletin No. 51 Consolidated Financial Statements (ARB 51).
The Exposure Drafts were open for comment for four months, ending on 28 October 2005.