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IASB proposes IFRS 3 amendments related to the Conceptual Framework

  • IASB document Image

May 30, 2019

The IASB has published an exposure draft (ED), “Reference to the Conceptual Framework.”

The ED would amend IFRS 3, Business Com­bi­na­tions, to do the following:

  • Update Conceptual Framework references to the 2018 version instead of the 1989 version.
  • Require that — for trans­ac­tions and other events within the scope of IAS 37 or IFRIC 21 — an acquirer should apply IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the li­a­bil­i­ties it has assumed in a business com­bi­na­tion.
  • Explicitly state that an acquirer should not recognize con­tin­gent assets acquired in a business com­bi­na­tion.

Comments on the ED are due by September 27, 2019. For more information, see the press release and ED on the IASB’s Web site.

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