AcSB Response – Business Combinations—Disclosures, Goodwill and Impairment

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Jan 13, 2021

On January 13, 2021, the International Accounting Standards Board (IASB) published the comment letter submitted by the Accounting Standards Board (AcSB) in response to its Discussion Paper issued in March 2020. The IASB’s proposals are aimed improving the accounting for goodwill and enhancing the relevance of information about acquisitions.

While the AcSB is supportive of the IASB’s objectives in developing the Discussion Paper, they encourage the IASB to consider areas where additional guidance is needed to address possible application challenges that may arise, should it decide to advance the proposals in the Discussion Paper. Their suggestions are made in order to strike an appropriate balance between users’ needs for better information about acquisitions, the effort and level of professional judgment required of preparers to generate that information, and the interaction of the proposals as a package of views.

Review the comment letter on the IASB's website.

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