IFRS 3 BUSINESS COMBINATIONS

SuMMA8? Cl ll8S 3

Background
ll8S 3 (2008) replaced ll8S 3 (2004)Ŧ Cllck for lAS8 Þress 8elease on ll8S 3 (2008) (Þul 60k)Ŧ ll8S 3
(2008) resulLed from a [olnL pro[ecL wlLh Lhe uS llnanclal AccounLlng SLandards 8oardŦ lAS8 lssued a
slmllar sLandard ln uecember 2007 (SlAS 141(8)) Ŵ see our news SLory of 3 uecember 2007Ŧ 1he
revlslons wlll resulL ln a hlgh degree of convergence beLween ll8Ss and uS CAAÞ ln Lhese areasţ
alLhough some poLenLlally slgnlflcanL dlfferences remalnŦ

Scope
ueflnlLlon of a buslness comblnaLlonŦ A buslness comblnaLlon ls a LransacLlon or evenL ln whlch an
acqulrer obLalns conLrol of one or more buslnessesŦ A buslness ls deflned as an lnLegraLed seL of
acLlvlLles and asseLs LhaL ls capable of belng conducLed and managed for Lhe purpose of provldlng a
reLurn dlrecLly Lo lnvesLors or oLher ownersţ members or parLlclpanLsŦ żll8S 3ŦAppendlx AŽ
Acqulrer musL be ldenLlfledŦ under ll8S 3ţ an acqulrer musL be ldenLlfled for all buslness comblnaLlonsŦ
żll8S 3Ŧ6Ž
Scope changes from ll8S 3(2004)Ŧ ll8S 3(2008) applles Lo comblnaLlons of muLual enLlLles and
comblnaLlons wlLhouL conslderaLlon (dual llsLed shares)Ŧ 1hese are excluded from ll8S 3(2004)Ŧ
Scope excluslonsŦ ll8S 3 does noL apply Lo Lhe formaLlon of a [olnL venLureţ comblnaLlons of enLlLles or
buslnesses under common conLrolŦ 1he lAS8 added Lo lLs agenda a separaLe agenda pro[ecL on Common
ConLrol 1ransacLlons ln uecember 2007Ŧ Alsoţ ll8S 3 does noL apply Lo Lhe acqulslLlon of an asseL or a
group of asseLs LhaL do noL consLlLuLe a buslnessŦ żll8S 3Ŧ2Ž

Method oI Accounting Ior Business Combinations
AcqulslLlon meLhodŦ 1he acqulslLlon meLhod (called Lhe ƌpurchase meLhodƌ ln Lhe 2004 verslon of ll8S 3)
ls used for all buslness comblnaLlonsŦ żll8S 3Ŧ4Ž
SLeps ln applylng Lhe acqulslLlon meLhod areť żll8S 3Ŧ3Ž
ldenLlflcaLlon of Lhe ƌacqulrerƌ Ŷ Lhe comblnlng enLlLy LhaL obLalns conLrol of Lhe acqulree żll8S 3Ŧ7Ž
ueLermlnaLlon of Lhe ƌacqulslLlon daLeƌ Ŷ Lhe daLe on whlch Lhe acqulrer obLalns conLrol of Lhe acqulree
żll8S 3Ŧ8Ž

8ecognlLlon and measuremenL of Lhe ldenLlflable asseLs acqulredţ Lhe llablllLles assumed and any nonŴ
conLrolllng lnLeresL (nClţ formerly called mlnorlLy lnLeresL) ln Lhe acqulree
8ecognlLlon and measuremenL of goodwlll or a galn from a bargaln purchase
MeasuremenL of acqulred asseLs and llablllLlesŦ AsseLs and llablllLles are measured aL Lhelr acqulslLlonŴ
daLe falr value (wlLh a llmlLed number of speclfled excepLlons)Ŧ żll8S 3Ŧ18Ž
MeasuremenL of nClŦ ll8S 3 allows an accounLlng pollcy cholceţ avallable on a LransacLlon by LransacLlon
baslsţ Lo measure nCl elLher aLť
falr value (someLlmes called Lhe full goodwlll meLhod)ţ or
Lhe nClƌs proporLlonaLe share of neL asseLs of Lhe acqulree (opLlon ls avallable on a LransacLlon by
LransacLlon basls)Ŧ

Lxampleť Þ pays 800 Lo purchase 80Ʒ of Lhe shares of SŦ lalr value of 100Ʒ of Sƌs ldenLlflable neL asseLs
ls 600Ŧ lf Þ elecLs Lo measure nonconLrolllng lnLeresLs as Lhelr proporLlonaLe lnLeresL ln Lhe neL asseLs of
S of 120 (20Ʒ x 600)ţ Lhe consolldaLed flnanclal sLaLemenLs show goodwlll of 320 (800 +120 Ŵ 600)Ŧ lf Þ
elecLs Lo measure nonconLrolllng lnLeresLs aL falr value and deLermlnes LhaL falr value Lo be 183ţ Lhen
goodwlll of 383 ls recognlsed (800 + 183 Ŵ 600)Ŧ 1he falr value of Lhe 20Ʒ nonconLrolllng lnLeresL ln S wlll
noL necessarlly be proporLlonaLe Lo Lhe prlce pald by Þ for lLs 80Ʒţ prlmarlly due Lo conLrol premlum or
dlscounL as explalned ln paragraph 843 of ll8S 3Ŧ żll8S 3Ŧ19Ž
Acq1ulred lnLanglble asseLsŦ MusL always be recognlsed and measured aL falr valueŦ 1here ls no ƌrellable
measuremenLƌ excepLlonŦ

Goodwill
Coodwlll ls measured as Lhe dlfference beLweenť
Lhe aggregaLe of (l) Lhe acqulslLlonŴdaLe falr value of Lhe conslderaLlon Lransferredţ (ll) Lhe amounL of
any nClţ and (lll) ln a buslness comblnaLlon achleved ln sLages (see 8elow)ţ Lhe acqulslLlonŴdaLe falr
value of Lhe acqulrerƌs prevlouslyŴheld equlLy lnLeresL ln Lhe acqulreeŤ and
Lhe neL of Lhe acqulslLlonŴdaLe amounLs of Lhe ldenLlflable asseLs acqulred and Lhe llablllLles assumed
(measured ln accordance wlLh ll8S 3)Ŧ żll8S 3Ŧ32Ž
lf Lhe dlfference above ls negaLlveţ Lhe resulLlng galn ls recognlsed as a bargaln purchase ln proflL or lossŦ
żll8S 3Ŧ34Ž

Business Combination Achieved in Stages (Step Acquisitions)
Þrlor Lo conLrol belng obLalnedţ Lhe lnvesLmenL ls accounLed for under lAS 28ţ lAS 31ţ or lAS 39ţ as
approprlaLeŦ Cn Lhe daLe LhaL conLrol ls obLalnedţ Lhe falr values of Lhe acqulred enLlLyƌs asseLs and
llablllLlesţ lncludlng goodwlllţ are measured (wlLh Lhe opLlon Lo measure full goodwlll or only Lhe
acqulrerƌs percenLage of goodwlll)Ŧ Any resulLlng ad[usLmenLs Lo prevlously recognlsed asseLs and
llablllLles are recognlsed ln proflL or lossŦ 1husţ aLLalnlng conLrol Lrlggers remeasuremenLŦ żll8S 3Ŧ41Ŵ42Ž

Provisional Accounting
lf Lhe lnlLlal accounLlng for a buslness comblnaLlon can be deLermlned only provlslonally by Lhe end of
Lhe flrsL reporLlng perlodţ accounL for Lhe comblnaLlon uslng provlslonal valuesŦ Ad[usLmenLs Lo
provlslonal values wlLhln one year relaLlng Lo facLs and clrcumsLances LhaL exlsLed aL Lhe acqulslLlon
daLeŦ żll8S 3Ŧ43Ž no ad[usLmenLs afLer one year excepL Lo correcL an error ln accordance wlLh lAS 8Ŧ
żll8S 3Ŧ30Ž

Cost oI an Acquisition
MeasuremenLŦ ConslderaLlon for Lhe acqulslLlon lncludes Lhe acqulslLlonŴdaLe falr value of conLlngenL
conslderaLlonŦ Changes Lo conLlngenL conslderaLlon resulLlng from evenLs afLer Lhe acqulslLlon daLe
musL be recognlsed ln proflL or lossŦ żll8S 3Ŧ38Ž

AcqulslLlon cosLsŦ Ŧ CosLs of lssulng debL or equlLy lnsLrumenLs are accounLed for under lAS 32 and lAS
39Ŧ All oLher cosLs assoclaLed wlLh Lhe acqulslLlon musL be expensedţ lncludlng relmbursemenLs Lo Lhe
acqulree for bearlng some of Lhe acqulslLlon cosLsŦ Lxamples of cosLs Lo be expensed lnclude flnderƌs
feesŤ advlsoryţ legalţ accounLlngţ valuaLlon and oLher professlonal or consulLlng feesŤ and general
admlnlsLraLlve cosLsţ lncludlng Lhe cosLs of malnLalnlng an lnLernal acqulslLlons deparLmenLŦ żll8S 3Ŧ33Ž

ConLlngenL conslderaLlonŦ ConLlngenL conslderaLlon musL be measured aL falr value aL Lhe Llme of Lhe
buslness comblnaLlonŦ lf Lhe amounL of conLlngenL conslderaLlon changes as a resulL of a posLŴ
acqulslLlon evenL (such as meeLlng an earnlngs LargeL)ţ accounLlng for Lhe change ln conslderaLlon
depends on wheLher Lhe addlLlonal conslderaLlon ls an equlLy lnsLrumenL or cash or oLher asseLs pald or
owedŦ lf lL ls equlLyţ Lhe orlglnal amounL ls noL remeasuredŦ lf Lhe addlLlonal conslderaLlon ls cash or
oLher asseLs pald or owedţ Lhe changed amounL ls recognlsed ln proflL or lossŦ lf Lhe amounL of
conslderaLlon changes because of new lnformaLlon abouL Lhe falr value of Lhe amounL of conslderaLlon
aL acqulslLlon daLe (raLher Lhan because of a posLŴacqulslLlon evenL) Lhen reLrospecLlve resLaLemenL ls
requlredŦ żll8S 3Ŧ38Ž

Pre-existing Relationships and Reacquired Rights
lf Lhe acqulrer and acqulree were parLles Lo a preŴexlsLlng relaLlonshlp (for lnsLanceţ Lhe acqulrer had
granLed Lhe acqulree a rlghL Lo use lLs lnLellecLual properLy)ţ Lhls musL musL be accounLed for separaLely
from Lhe buslness comblnaLlonŦ ln mosL casesţ Lhls wlll lead Lo Lhe recognlLlon of a galn or loss for Lhe
amounL of Lhe conslderaLlon Lransferred Lo Lhe vendor whlch effecLlvely represenLs a ƌseLLlemenLƌ of Lhe
preŴexlsLlng relaLlonshlpŦ 1he amounL of Lhe galn or loss ls measured as followsť
for preŴexlsLlng nonŴconLracLual relaLlonshlps (for exampleţ a lawsulL)ť by reference Lo falr value
for preŴexlsLlng conLracLual relaLlonshlpsť aL Lhe lesser of (a) Lhe favourable/unfavourable conLracL
poslLlon and (b) any sLaLed seLLlemenL provlslons ln Lhe conLracL avallable Lo Lhe counLerparLy Lo whom
Lhe conLracL ls unfavourableŦ żll8S 3Ŧ831Ŵ33Ž

Poweverţ where Lhe LransacLlon effecLlvely represenLs a reacqulred rlghLţ an lnLanglble asseL ls
recognlsed and measured on Lhe basls of Lhe remalnlng conLracLual Lerm of Lhe relaLed conLracL
excludlng any renewalsŦ 1he asseL ls Lhen subsequenLly amorLlsed over Lhe remalnlng conLracLual Lermţ
agaln excludlng any renewalsŦ żll8S 3Ŧ33Ž

Other Issues
ln addlLlonţ ll8S 3 provldes guldance on some speclflc aspecLs of buslness comblnaLlons lncludlngť
buslness comblnaLlons achleved wlLhouL Lhe Lransfer of conslderaLlon żll8S 3Ŧ43Ŵ44Ž
reverse acqulslLlons żll8S 3Ŧ819Ž
ldenLlfylng lnLanglble asseLs acqulred żll8S 3Ŧ831Ŵ34Ž
Lhe reassessmenL of Lhe acqulreeƌs conLracLual arrangemenLs aL Lhe acqulslLlon daLe żll8S 3Ŧ13Ž

Parent's Disposal oI Investment or Acquisition oI Additional Investment in Subsidiary
ÞarLlal dlsposal of an lnvesLmenL ln a subsldlary whlle conLrol ls reLalnedŦ 1hls ls accounLed for as an
equlLy LransacLlon wlLh ownersţ and galn or loss ls noL recognlsedŦ
ÞarLlal dlsposal of an lnvesLmenL ln a subsldlary LhaL resulLs ln loss of conLrolŦ Loss of conLrol Lrlggers
remeasuremenL of Lhe resldual holdlng Lo falr valueŦ Any dlfference beLween falr value and carrylng
amounL ls a galn or loss on Lhe dlsposalţ recognlsed ln proflL or lossŦ 1hereafLerţ apply lAS 28ţ lAS 31ţ or
lAS 39ţ as approprlaLeţ Lo Lhe remalnlng holdlngŦ
Acqulrlng addlLlonal shares ln Lhe subsldlary afLer conLrol was obLalnedŦ 1hls ls accounLed for as an
equlLy LransacLlon wlLh owners (llke acqulslLlon of ƌLreasury sharesƌ)Ŧ Coodwlll ls noL remeasuredŦ

Disclosure
ulsclosure of lnformaLlon abouL currenL buslness comblnaLlons
1he acqulrer shall dlsclose lnformaLlon LhaL enables users of lLs flnanclal sLaLemenLs Lo evaluaLe Lhe
naLure and flnanclal effecL of a buslness comblnaLlon LhaL occurs elLher durlng Lhe currenL reporLlng
perlod or afLer Lhe end of Lhe perlod buL before Lhe flnanclal sLaLemenLs are auLhorlsed for lssueŦ żll8S
3Ŧ39Ž
Among Lhe dlsclosures requlred Lo meeL Lhe foregolng ob[ecLlve are Lhe followlngť żll8S 3Ŧ864Ŵ66Ž
name and a descrlpLlon of Lhe acqulree
acqulslLlon daLe
percenLage of voLlng equlLy lnLeresLs acqulred
prlmary reasons for Lhe buslness comblnaLlon and a descrlpLlon of how Lhe acqulrer obLalned conLrol of
Lhe acqulreeŦ descrlpLlon of Lhe facLors LhaL make up Lhe goodwlll recognlsed
quallLaLlve descrlpLlon of Lhe facLors LhaL make up Lhe goodwlll recognlsedţ such as expecLed synergles
from comblnlng operaLlonsţ lnLanglble asseLs LhaL do noL quallfy for separaLe recognlLlon
acqulslLlonŴdaLe falr value of Lhe LoLal conslderaLlon Lransferred and Lhe acqulslLlonŴdaLe falr value of
each ma[or class of conslderaLlon
deLalls of conLlngenL conslderaLlon arrangemenLs and lndemnlflcaLlon asseLs
deLalls of acqulred recelvables
Lhe amounLs recognlsed as of Lhe acqulslLlon daLe for each ma[or class of asseLs acqulred and llablllLles
assumed
deLalls of conLlngenL llablllLles recognlsed
LoLal amounL of goodwlll LhaL ls expecLed Lo be deducLlble for Lax purposes
deLalls of any LransacLlons LhaL are recognlsed separaLely from Lhe acqulslLlon of asseLs and assumpLlon
of llablllLles ln Lhe buslness comblnaLlon
lnformaLlon abouL a bargaln purchase (ƌnegaLlve goodwlllƌ)
for each buslness comblnaLlon ln whlch Lhe acqulrer holds less Lhan 100 per cenL of Lhe equlLy lnLeresLs
ln Lhe acqulree aL Lhe acqulslLlon daLeţ varlous dlsclosures are requlred
deLalls abouL a buslness comblnaLlon achleved ln sLages
lnformaLlon abouL Lhe acqulreeƌs revenue and proflL or loss
lnformaLlon abouL a buslness comblnaLlon whose acqulslLlon daLe ls afLer Lhe end of Lhe reporLlng
perlod buL before Lhe flnanclal sLaLemenLs are auLhorlsed for lssue
ulsclosure of lnformaLlon abouL ad[usLmenLs of pasL buslness comblnaLlons
1he acqulrer shall dlsclose lnformaLlon LhaL enables users of lLs flnanclal sLaLemenLs Lo evaluaLe Lhe
flnanclal effecLs of ad[usLmenLs recognlsed ln Lhe currenL reporLlng perlod LhaL relaLe Lo buslness
comblnaLlons LhaL occurred ln Lhe perlod or prevlous reporLlng perlodsŦ żll8S 3Ŧ61Ž
Among Lhe dlsclosures requlred Lo meeL Lhe foregolng ob[ecLlve are Lhe followlngť żll8S 3Ŧ867Ž
deLalls when Lhe lnlLlal accounLlng for a buslness comblnaLlon ls lncompleLe for parLlcular asseLsţ
llablllLlesţ nonŴconLrolllng lnLeresLs or lLems of conslderaLlon (and Lhe amounLs recognlsed ln Lhe
flnanclal sLaLemenLs for Lhe buslness comblnaLlon Lhus have been deLermlned only provlslonally)
followŴup lnformaLlon on conLlngenL conslderaLlon
followŴup lnformaLlon abouL conLlngenL llablllLles recognlsed ln a buslness comblnaLlon
a reconclllaLlon of Lhe carrylng amounL of goodwlll aL Lhe beglnnlng and end of Lhe reporLlng perlodţ
wlLh varlous deLalls shown separaLely
Lhe amounL and an explanaLlon of any galn or loss recognlsed ln Lhe currenL reporLlng perlod LhaL boLhť
(l) relaLes Lo Lhe ldenLlflable asseLs acqulred or llablllLles assumed ln a buslness comblnaLlon LhaL was
effecLed ln Lhe currenL or prevlous reporLlng perlodţ and
(ll) ls of such a slzeţ naLure or lncldence LhaL dlsclosure ls relevanL Lo undersLandlng Lhe comblned
enLlLyƌs flnanclal sLaLemenLsŦ

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