On 17 June 2015, the IASB announced that it had completed the Post-implementation Review (PiR) of IFRS 3, and published a report on the findings of the review.
Keywords: Mazars, Thailand, Accounting, IFRS, IASB, PiR, Business Combination
07 August 2015
Readers will remember that this review began in February 2014 (see the February 2014 issue of Beyond the GAAP). It is a key part of due process as set out in the IFRS Foundation Due Process Handbook.
Having completed the review, the IASB has reached the conclusion that many stakeholders are broadly satisfied with IFRS 3. However, there are some areas of the standard which require further research, such as:
- the effectiveness and complexity of impairment tests;
- subsequent accounting for goodwill;
- the definition of a business combination;
- identification and fair value measurement of intangible assets, particularly customer relationships and brand names.
Further detail on this report will be provided in a future article. In the meantime, the report is available on the IASB website.