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IAS Plus newsletter — Special Global Edition — IASB Publishes IFRS 3 Business Combinations

Published on: 13 Apr 2004

The International Accounting Standards Board(IASB) has issued international Financial Reporting Standards(IFRS) 3 Business Combinations that will require all business combinations within its scope to be accounted for using the purchase method od accounting. As part of this project the IASB has also issued revised versions of IAS 36 Impairments of Assets and IAS 38 Intangible Assets. In reissuing these standards the IASB limited its consideration to only those aspects of teh standards that affected accounting for business combinations. IFRS 3 is based on its preceding exposure draft, but there have been important changes, especially in the previous relating impairment testing.

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