IFRS® Standards

Post-implementation Review of IFRS 3 Business Combinations

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to review IFRS 3 Business Combinations to provide input on the standard’s effects and whether it is working as intended.

Staff Contact(s)

Nancy Estey, CPA, CA

Principal, Accounting Standards Board


May 14, 2014

AcSB Decision Summary – May 14-15, 2014

The AcSB discussed the points to be included in its response letter to the IASB’s Request for Information, “Post-implementation Review: IFRS 3 Business Combinations.” In developing its response, the AcSB obtained input from stakeholders with experience in applying IFRS 3 and its User Advisory Council.

Canadian stakeholders are encouraged to respond directly to the IASB by the May 30 comment deadline.

February 12, 2014

AcSB Decision Summary – February 12, 2014

The AcSB approved a plan to develop an informed response to the IASB’s Request for Information, “Post-implementation Review: IFRS 3 Business Combinations.”  This plan includes consulting with its User Advisory Council and also undertaking targeted outreach with Canadian stakeholders that have applied IFRS 3 in practice.

Canadian stakeholders are encouraged to submit their comments directly to the IASB by May 30, 2014.

News


June 29, 2015

News

IASB Feedback Statement – Post-implementation Review: IFRS 3 Business Combinations

June 29, 2015. The IASB has issued a Feedback Statement on the post-implementation review of IFRS 3. The review shows general support for the accounting requirements in the standard but identifies some areas where further research will be undertaken, including accounting for goodwill.

May 30, 2014

News

AcSB Response – Post-implementation Review of IFRS 3 Business Combinations

On May 30, 2014, the AcSB submitted a comment letter responding to the IASB’s Request for Information issued in January 2014. The letter strongly supports post-implementation reviews and generally views IFRS 3 as a workable standard. However, the letter points out some aspects of IFRS 3 that are challenging from an application perspective. The letter notes that the single biggest challenge is in the determination of what constitutes a business and, therefore, whether a transaction is a business combination or an asset acquisition. Read the AcSB letter posted by the IASB.

February 4, 2014

News

Request for Information – Post-implementation Review of IFRS 3 Business Combinations

February 4, 2014. The IASB has issued a Request for Information to seek input on the effect of implementing IFRS 3 and whether the standard is working as intended. Canadian stakeholders are encouraged to submit their comments to the IASB by May 30, 2014.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.