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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.

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