IASB begins the Post-Implementation Review of IFRS 3

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25 Jul 2013

The IASB has begun the Post-Implementation Review (PIR) of IFRS 3, which will consist of two phases and will review the changes introduced during the whole business combinations project (2004 and 2008 stages), including changes to the presentation of consolidated financial statements.

The first phase will develop the scope of the PIR by reviewing how entities have implemented IFRS 3 and identify where issues or unexpected costs were encountered.  It will also analyse research concerning the application of IFRS 3 developed by the academic community. Information gathered during this phase will be included in a Request for Information (RFI) for public consultation, which is targeted to be issued during the fourth quarter of 2013. 

During the second phase of the review, the IASB will schedule outreach events and review the responses to the RFI to gain additional knowledge on how the Standard is being applied in practice. At the end of the PIR, the IASB will publish a Feedback Statement with the main findings and discuss any additional steps if needed as a result of the review.

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