Business Combinations under Common Control – International Accounting Standards Board

Date recorded:

At its meeting on March 22-24, 2022, the IASB met to deliberate the objective and scope of its Business Combinations under Common Control project. The IASB tentatively decided to update the project's objective to reflect the stage of the project and to emphasize that, in developing reporting requirements, the IASB is considering the needs of users of the receiving entity’s (that is, the reporting entity’s) financial statements. The IASB tentatively decided not to expand the project’s scope to address: (a) reporting by any entity in a business combination under common control other than the receiving entity; (b) the reporting, in separate financial statements, by a receiving entity obtaining control of an investment in a subsidiary from a party under common control; or (c) the reporting of common control transactions other than business combinations under common control. The IASB will deliberate other proposals arising from the project at a future meeting.

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