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IFRS-3 guide by Deloitte

IFRS-3 guide by Deloitte

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Published by Danish Iqbal
IFRS 3, Business Combinations
IFRS 3, Business Combinations

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Published by: Danish Iqbal on Oct 28, 2011
Copyright:Attribution Non-commercial

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03/28/2013

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Audit
.
Tax
.
Consulting
.
Financial Advisory
.
Business combinationsand changes inownership interests
 A guide to the revised IFRS 3 and IAS 27
 
Contacts
Global IFRS leadership team
IFRS global office
Global IFRS leaderKen Wildkwild@deloitte.co.uk
IFRS centres of excellence
Americas
Robert Uhliasplusamericas@deloitte.com
Asia PacificHong KongMelbourne
Stephen TaylorBruce Porteriasplus@deloitte.com.hkiasplus@deloitte.com.au
Europe-AfricaCopenhagenJohannesburgLondonParis
Jan Peter LarsenGraeme BerryVeronica PooleLaurence Rivatdk_iasplus@deloitte.dkiasplus@deloitte.co.zaiasplus@deloitte.co.ukiasplus@deloitte.frDeloitte’s
www.iasplus.com
website provides comprehensive information about internationalfinancial reporting in general and IASB activities in particular. Unique features include:daily news about financial reporting globally.summaries of all Standards, Interpretations and proposals.many IFRS-related publications available for download.model IFRS financial statements and checklists.an electronic library of several hundred IFRS resources.all Deloitte Touche Tohmatsu comment letters to the IASB.links to several hundred international accounting websites.e-learning modules for each IAS and IFRS – at no charge.complete history of adoption of IFRSs in Europe and information about adoptions of IFRSselsewhere around the world.updates on developments in national accounting standards.
 
Contents
1.Introduction1
1.1Summary of major changes11.2Convergence of IFRSs and US GAAP
3
2.Principles underlying the revised Standards5
2.1Entity concept52.2Crossing an accounting boundary involves a disposal6
3.Acquisition method of accounting94.Scope12
4.1Definition of a business combination124.2Transactions outside the scope of IFRS 3(2008)12
4.2.1Formation of a joint venture134.2.2Common control transactions134.2.3Combinations involving mutual entities14
5.Identifying a business combination16
5.1Acquirer obtains control as a result of a transaction or an event165.2.Possible structures175.3Identifying a business18
5.3.1Presence of goodwill185.3.2Inputs, processes and outputs19
5.4Accounting for a transaction that is not a business combination20
6.Identifying the acquirer22
6.1IAS 27 guidance on control22
6.1.1Policies andbenefits226.1.2Presumption of control236.1.3Potential voting rights246.1.4Special purpose entities276.1.5Venture capital organisations27
6.2Additional guidance in marginal cases286.3Application to specific cases29
6.3.1Combinations effected by creating a new entity296.3.2Mutual entities31
7.Determining the acquisition date32
7.1Definition of acquisition date327.2Relationship to the timing of the payment of consideration327.3Equity securities transferred as consideration327.4Practical guidance33

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