Post-implementation review of IFRS 3 Business Combinations

IFRS 3 Business Combinations was revised in January 2008 to address the guidance for applying the acquisition method to business combinations. Although the Standard was only revised in these limited respects, it is envisaged that the IASB will consult publicly on all aspects of the Standard when it commences its PIR of IFRS 3.

The effective date for the revised Standard was annual reporting periods beginning on or after 1 July 2009 and the IASB would normally have already begun its PIR on the effect of implementing the Standard. However, the IASB is currently in the process of completing its first PIR, on IFRS 8 Operating Segments, and is waiting to learn from this process before commencing the PIR of IFRS 3. It is expected that the PIR of IFRS 8 will be complete, and the PIR of IFRS 3 will commence, in quarter 2 or quarter 3 of 2013.