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Commentary on changes to IFRS3

Commentary on changes to IFRS3

Moore Kingston Smith

The IASB has introduced some changes to IFRS 3 ‘Business Combinations’ which apply for accounting periods beginning on or after 1 January 2020.

The key change is to the definition of a business. The changes, which are applied prospectively to transactions taking place on or after the effective date of the amendments, will change the accounting for some transactions which, had they occurred prior to the effective date of the amendments, would have been accounted for as business combinations but now will not be. Some such transactions will be accounted for as asset acquisitions but others may need to be accounted for in a different way depending on the circumstances.

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