Deloitte has submitted its comment letter on the IASB’s proposals in Exposure Draft ED/2012/7 ‘Acquisition of an Interest in a Joint Operation’. We agree that application of the principles of IFRS 3 ‘Business Combinations’ is an appropriate methodology when an acquired joint operation constitutes a business, but support the work of the IFRS Interpretations Committee to produce additional guidance on the meaning and application of the ‘business’ concept.