United States

Proposed amendments to IFRS 3 and IFRS 11


The International Accounting Standards Board recently published for public comment proposed amendments to International Financial Reporting Standard (IFRS) 3, Business Combinations, and IFRS 11, Joint Arrangements. If finalized, the proposed amendments would provide (a) clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3; and (b) clarification on how a company should account for previously held interests in a business, if acquiring control, or joint control, of that business.

The Exposure Draft, Definition of a Business and Accounting for Previously Held Interests (Proposed Amendments to IFRS 3 and IFRS 11), is available for comment until October 31, 2016.