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Post-implementation review of IFRS 3

Date recorded:

The project manager introduced agenda paper 13 which incorporates the feedback received from the IASB in relation to the questions that the staff proposed at the IASB’s November 2013 meeting for inclusion in the Request for Information (RfI) on the post-implementation review (PiR) of IFRS 3 Business Combinations.  This Agenda Paper also asks the IASB whether it has any further feedback for the staff on the content, structure and revised set of questions for the RfI and whether it grants the staff permission to publish the RfI.

Appendix I to the Agenda Paper includes a revised set of tentative questions to be included in the RfI. 

The project manager also mentioned that they have received input from the Accounting Standards Advisory Forum (ASAF) meeting in December. The posting deadline of this Agenda Paper was earlier than the date of the ASAF meeting and, as a result, it does not incorporate the input from ASAF. The staff will inform the IASB of the feedback received from the ASAF meeting that this Agenda Paper does not capture.

In responding to a question from a Board Member, the project manager explained that the paper does not include the introduction and footnote that the final paper will include, as well as background and next steps. The Board will have the full document before being published.

One Board member requested that the document should also clarify that there is a separate project to analyse common control transactions so that respondents do not add questions related to this issue.

The project manager also explained that the publication of the RfI is planned for late January 2014 and confirmed that Board members will receive shortly the final document.

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