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As with any principle-based Standards, the lack of “bright lines” in IFRS 10, 11 & 12, particularly for the consolidation criteria, would require management to exercise a high degree of judgement in certain situations. In addition, the industry has developed generally accepted accounting practice to address such situations. Therefore, we do not recommend the Board to make significant changes to these Standards. Nevertheless, in our comment letter, we have shared practical issues faced by the accounting profession in the application of these Standards which requires guidance and clarifications for the Board’s consideration.
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