The IASB proposals would not only amend IFRS 3 Business Combinations but also amend IAS 27 Consolidated and Separate Financial Statements, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and IAS 19 Employee Benefits. The principal proposals are examined in detail in this newsletter. Several involve quite radical changes. Taken together, the exposure drafts would change the way entities account for business combinations and minority interests. They would also result in recognition of certain contingent assets and liabilities that are currently only required to be disclosed. If accepted, most of the proposed changes would come into effect from 1 January 2007. The IASB has requested comments on all the exposure drafts on or before 28 October 2005. You will find past issues of all IAS Plus Newsletters Here.