Deloitte’s IFRS Global Office has submitted a comment letters on the International Accounting Standards Board’s Exposure Draft ED/2012/6 ‘Sale or Contribution of Assets between an Investor and its Associate or Joint Venture’. The proposals in ED/2012/6 seek to address the conflict between the requirements IFRS 10 and IAS 28 (2011) in respect of the elimination of profits and we recognise that the exposure draft proposes a pragmatic solution to the conflict. However, we recommend that further guidance be provided on the concept of a ‘business’ and and recommend that a fuller consideration of the issue be incorporated into the fundamental assessment of the equity method of accounting planned by the IASB.