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IFRS 3 Business Combinations - Definition of a business - IASB

Date recorded:

At its meeting on March 15-16, 2016, the IASB discussed the proposed amendments to IFRS 3. The proposed amendments would clarify how to apply the definition of a business and would result in the same requirements as the FASB proposed amendments (except where there is already a difference between IFRS Standards and US GAAP). The Board noted that the Application Guidance of IFRS 3 would be worded differently from the FASB’s proposed amendments. The Board tentatively decided to issue an Exposure Draft that includes this difference and ask constituents for their views. The IASB expects to issue the Exposure Draft in the second quarter of 2016.

Review the IASB Update on the IASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.