At its meeting on January 30, 2020, the IASB met to finalize its amendments to IFRS 3. The Board tentatively decided:

1. to require an entity to apply the amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2022;
2. to permit an entity to apply the amendments earlier if at the same time the entity also applies all the amendments made by Amendments to References to the Conceptual Framework in IFRS Standards; and
3. not to require an entity that applies the amendments early to disclose that it has done so.

The Board decided that the amendments do not require re-exposure and all of the Board members confirmed they were satisfied the Board has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments. No Board member indicated that he or she intends to dissent from the issuance of the amendments.

Review the IASB Update and podcast on the Board's Web site.