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IAS Plus newsletter — Business combinations: IASB revises IFRS 3 and IAS 27

Published on: 11 Jan 2008

On 10 January 2008, the International Accounting Standards Board (IASB) issued IFRS 3 Business Combinations (revised 2008) and IAS 27 Consolidated and Separate Financial Statements (revised 2008).

The revised Standards are mandatory for business combinations in annual financial statements beginning on or after 1 July 2009, although limited earlier application is permitted.

The revisions will result in a high degree of convergence between International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Principles (GAAP), although some inconsistencies remain, which may result in significantly different financial reporting.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.