Welcome to the website of the IFRS Foundation and the IASB

Saturday 23 August 2014

Banner graphic

Project news


The Interpretations Committee had an initial discussion of this issue

 08 July 2011


The Committee received a request seeking clarification on whether an asset with relatively simple associated processes meets the definition of a business in accordance with IFRS 3. More specifically, the question was whether the acquisition of a single investment property, with lease agreements with multiple tenants over varying periods and associated processes, such as cleaning, maintenance and administrative services such as rent collection, constitutes a business as defined in IFRS 3.

For more information, please click here.