New Deloitte IFRS 3 and IAS 27 Guide is now available

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08 Jul 2008

The Deloitte IFRS Global Office has published Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27.

In January 2008, the IASB issued a revised IFRS 3 Business Combinations and a revised IAS 27 Consolidated and Separate Financial Statements. In doing so, the Board completed phase II of its business combinations project, and achieved substantial convergence between IFRSs and US GAAP on these topics. This new 164-page guide deals mainly with accounting for business combinations under IFRS 3(2008). Where appropriate, it deals with related requirements of IAS 27(2008) – particularly as regards the definition of control, accounting for non-controlling interests, and changes in ownership interests. Other aspects of IAS 27 (such as the requirements to prepare consolidated financial statements and detailed procedures for consolidation) are not addressed.

Chapters in Deloitte's new 164-page guide to IFRS 3 and IAS 27:

  1. Introduction
  2. Principles underlying the revised Standards
  3. Acquisition method of accounting
  4. Scope
  5. Identifying a business combination
  6. Identifying the acquirer
  7. Determining the acquisition date
  8. Recognising and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree
  9. Identifying and measuring consideration
  10. Recognising and measuring goodwill or a gain from a bargain purchase
  11. Post-combination accounting
  12. Step acquisitions and partial disposals
  13. Business combinations with no transfer of consideration
  14. Reverse acquisitions
  15. Effective date and transition
  16. Disclosure
  • Appendix 1 Comparison of IFRS 3(2008) and IFRS 3(2004) and Comparison of IAS 27(2008) and IAS 27(2003)
  • Appendix 2 Continuing differences between IFRSs and US GAAP


Correction list for hyphenation

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