European Union formally adopts IFRS 3 amendments regarding the definition of a business

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22 Apr 2020

The European Union has published a Commission Regulation endorsing 'Definition of a Business (Amendments to IFRS 3)'.

The amendments are aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets.

The European Union effective date is the same as the IASB effective date (1 January 2020).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 22 April 2020.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

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