IFRS 3 ‘Business Combinations’ sets out the accounting requirements for these transactions, which can be challenging to apply in practice. The Standard itself has been in place for more than ten years now and has undergone a post implementation review by the International Accounting Standards Board (IASB). It is one of the most referred to Standards currently on issue.
Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
IFRS 3 has specific guidance on how some items are recognised and measured. This guidance is described as a series of exceptions to the general recognition and measurement principles (as discussed in our articles ‘Recognition principle’ and ‘ How should the identifiable assets and liabilities be measured?’ respectively).
This article summarises this specific guidance and provides examples to illustrate its application.
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Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business. This article explains the recognition principles set out in IFRS 3.
Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the some relevant features that could impact your business. This article sets out the definition and underlying principles of fair value, gives a brief overview of permissible valuation techniques and presents IFRS 3’s specific guidance on fair value measurement.
Navigating the changes to International Financial Reporting Standards. A briefing for preparers of IFRS financial statements.
