June 2015

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IASB completes post-implementation review of IFRS 3

Jun 17, 2015

On June 17, 2015, the International Accounting Standards Board (IASB) announced that it has completed its post-implementation review (PIR) of IFRS 3 "Business Combinations". The review concluded that there is general support for IFRS 3 and its related Standards; however, there are several aspects where additional research is needed.

The PIR report assessed in­for­ma­tion gathered from academic lit­er­a­ture as well as feedback from investors and other financial statement users and preparers, auditors, and reg­u­la­tors. It showed general support for the “usefulness of reported goodwill, other intangible assets and goodwill impairment.” However, views were mixed on certain elements of the standard.

On the basis of the PIR report, the IASB added to its agenda two research projects that will focus on:

  • Effectiveness and complexity of testing goodwill for impairment.
  • Subsequent accounting for goodwill.
  • Challenges related to applying the definition of a business.
  • Identification and fair value measurement of intangible assets such as customer relationships and brand names.

For more information, see the press release and the PIR report on the IASB’s website.

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IASB issues work plan update

Jun 30, 2015

On June 30, 2015, following its June meeting, the IASB updated its work plan. The revised plan announces that the exposure draft (ED) on elimination of gains and losses arising from "downstream" transactions and the draft IFRIC interpretation on accounting for uncertainties in income taxes will now be issued in the third quarter of 2015 (delayed from the second quarter of 2015), and extends redeliberations for several projects to the third quarter of 2015.

The revised IASB work plan is available on the IASB's Web site.

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