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Heads up on Business Combinations
This article outlines the principal modifications introduced by the revised standards IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements recently issued by the IASB. It focuses on the key changes and selected areas where additional practical guidance has been provided. Preparers, auditors and users of the accounts need to understand these changes and their consequences.
1. Introduction
The International Accounting Standards Board (IASB) carried out the Business Combinations project in two distinct stages. Phase I of the project resulted in the release of IFRS 3 Business Combinations and a revised version of IAS 36 Impairment of Assets in March 2004. Phase II was undertaken as a joint project with the US Financial Accounting Standards Board (FASB) with the objective to issue a converged standard. It focused primarily on the application of the acquisition method (previously called purchase method) and related implementation issues such as step acquisition and accounting for changes in the parent's ownership interest in a subsidiary.
The IASB published in June 2005 an exposure draft of proposed amendments to IFRS 3 and IAS 27. This exposure draft prop...