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Thursday 23 October 2014

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The PiR of IFRS 3 was discussed by the IASB

 23 July 2013


The IASB discussed the Post-implementation Review of IFRS 3 Business Combinations. In particular, it discussed the staff’s proposal for Phase I of the PIR. This included the preliminary scope of the PIR, its expected time line and the consultation activities that the staff plan to undertake to identify the main implementation problems or unexpected costs. Phase I of the PIR will lead to the publication of a Request for Information. Phase II of the PIR will follow the publication of the RFI and will include extensive outreach and analysis of the feedback received through that outreach and in the comments received in response to the RFI. The IASB will present its findings and the steps it plans to take, if any, as a result of the PIR in a Feedback Statement following completion of the PIR.


During this meeting, the IASB tentatively agreed:

    a.     that the scope of the PIR will entail the whole Business Combinations project, which resulted in the issuance of IFRS 3 (2004), IFRS 3 (2008) and any resulting consequential amendments to other Standards; and
    b.     the staff’s planned consultations and activities that are to be undertaken during Phase I for identifying the main implementation problems encountered with IFRS 3.

The staff also presented an initial assessment of the areas in which the implementation of IFRS 3 may have been challenging. The IASB noted additional areas to be considered by the staff in this initial assessment.


The staff plan to bring the results of the planned consultations and activities, which will lead to determining the scope and content of the RFI, to the IASB meeting in November 2013.