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The IASB completed the second phase of its business combinations project by issuing today a revised version of IFRS 3 Business Combinations and an amended version of IAS 27 Consolidated and Separate Financial Statements. The new requirements take effect on
The project was undertaken jointly with the US Financial Accounting Standards Board (FASB). The objective was to develop a single high quality accounting standard that would ensure that the accounting for business combinations is the same whether an entity is applying International Financial Reporting Standards (IFRSs) or US generally accepted accounting principles (GAAP).
The FASB has made fundamental changes to its accounting for business combinations, most of which bring US accounting into line with the existing IFRS 3 and IAS 27. Other improvements will change both IFRSs and US GAAP. The revised IFRS 3 reinforces the existing IFRS 3 model but remedies problems that have emerged in its application.
Access the Business Combinations project pages
Project Summary and Feedback Statement