Consolidation and business combinations

Title Description
Business combinations – Combinations by contract alone or involving mutual entities Discontinued 2004. The IASB decided not to finalise its proposals, but rather deal with the issues in Phase II of the business combinations project.
Business combinations – Phase II (application of the purchase method) Completed 2008. The IASB issued a revised IFRS 3 'Business Combinations' and related revisions to IAS 27, IAS 28, and IAS 31 on 10 January 2008.
Business combinations – Phase I Completed 2004. IFRS 3 'Business Combinations', and revised versions of IAS 36 'Impairment of Assets' and IAS 38 'Intangible Assets', were issued on 31 March 2004.
Common control transactions This project has been completed. The IASB published a concluding project summary on 17 April 2024.
Consolidation — Comprehensive project Completed 2011. IFRS 10 'Consolidated Financial Statements' was issued on 12 May 2011, implementing a single consolidation model based on the concept of control replacing both IAS 27 and SIC-12.
Consolidation — Investment entities Completed 2012. The IASB issued 'Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)' on 31 October 2012.
IAS 27 – Control by a fiduciary Discontinued 2004. IFRIC removed this issue from its agenda at its May 2004 meeting as the IASB will consider the matter as part of its project on consolidation.
IAS 27 — Equity method in separate financial statements Completed 2014. The IASB issued 'Equity Method in Separate Financial Statements (Amendments to IAS 27)' on 12 August 2014.
IAS 27 — Non-cash distributions Completed 2008. IFRIC 17 'Distributions of Non-cash Assets to Owners' was issued on 27 November 2008.
IAS 28 — Elimination of gains arising from 'downstream' transactions A narrow scope project to amend IAS 28 'Investments in Associates and Joint Ventures' (2011) to clarify that an eliminated gain on a downstream transaction with an associate or joint venture that exceeds the carrying amount of the entity’s investment in the entity should be presented as a deferred gain. This project will not be finalised. Instead the IASB issued amendments deferring the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12 on 17 December 2015.
IAS 28 — Reflecting other net asset changes when applying the equity method of accounting Discontinued 2014. In light of insufficient members in favour of approving finalised amendments at the IASB's May 2014 meeting, the IASB will not proceed with the originally proposed amendments to provide guidance on whether and where an investor should account for its share of the changes in the net assets of the associate that are not recognised in profit or loss or other comprehensive income (OCI) of the associate (i.e. ‘other net asset changes’).
IFRS 1/IAS 27 – Cost of a subsidiary in separate financial statements Completed 2008. The IASB issued 'Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27)' on 22 May 2008.
IFRS 3 — Definition of a business Completed. The IASB issued 'Definition of a Business (Amendments to IFRS 3)' on 22 October 2018.
IFRS 3 — Updating a reference to the Conceptual Framework Completed 2020. The IASB issued 'Reference to the Conceptual Framework (Amendments to IFRS 3)' on 14 May 2020.
IFRS 10 — Transitional requirements Completed 2012. The IASB issued 'Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance' on 28 June 2012.
IFRS 10/IAS 28 — Investment entity amendments Completed 2014. The IASB issued 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)' on 18 December 2014.
IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture Completed 2014. The IASB issued 'Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)' on 11 September 2014.
IFRS 11 — Acquisition of an interest in a joint operation Completed 2014. The IASB issued 'Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)' on 6 May 2014.
Joint arrangements Completed 2011. The IASB issued IFRS 11 'Joint Arrangements' on 12 May 2011, requiring the use of equity accounting for joint ventures and removing the focus on legal form when assessing arrangements.
SIC-12 – Scope exemption for equity compensation benefits Completed 2004. An amendment to Interpretation SIC-12 'Consolidation – Special Purpose Entities' was issued on 11 November 2004.

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