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Exposure Draft issued by the International Accounting Standards Board (IASB) on Definition of a business and accounting for previously held interests (proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements), is for comment only. Comments on the Exposure Draft need to be received by September 15, 2016.
The aforementioned Exposure Draft clarifies both the definition of a business and how to account for previously held interests.The proposed amendments provide:
- clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3; and
- clarification on how an entity should account for previously held interest in a business, if acquiring control, or joint control, of that business.
Invitation to comment
ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at: http://www.ifrs.org/Current-Projects/IASB-Projects/Definition-of-a-business/Documents/Proposed-amendments-to-IFRS-3-and-IFRS-11-June-2016.pdf
How to comment
Comments should be submitted using one of the following methods:
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