This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB proposes amendments related to the definition of a business and accounting for previously held interests

  • IASB document Image

Jun 28, 2016

The IASB has published an exposure draft (ED), “Definition of a Business and Accounting for Previously Held Interests — proposed amendments to IFRS 3 and IFRS 11.”

The amendments would clarify (1) “the definition of a business” and (2) “the accounting for previously held interests when an entity obtains control of a business that is a joint operation and when it obtains joint control of a business that is a joint operation.”

Editor’s Note: In November 2015, the FASB issued a proposed ASU, Clarifying the Definition of a Business. The ED indicates that the proposed amendments to IFRS 3 and the FASB’s proposed ASU are “based on substantially converged tentative conclusions.”

Comments on the ED are due by October 31, 2016. For more information, see the press release and ED on the IASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.