Global Standards for the world economy

Thursday 25 May 2017

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The PiR of IFRS 3 was discussed by the IFRS Interpretations Committee

 10 September 2013

The staff presented the IASB's plans for the PiR of IFRS 3, including the IASB's tentative decision 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.

The staff also presented to the Interpretations Committee its initial assessment of the areas in which the implementation of IFRS 3 may have been challenging. The initial assessment includes matters that were controversial when the Standard was being developed; however, the PiR might reveal that those matters no longer represent concerns for entities applying IFRS 3. The Interpretations Committee members suggested additional areas that it thought that the IASB should consider in its initial assessment.

The staff intend to bring the results of the planned consultations and activities to the IASB meeting in November 2013 together with proposals as to which issues the IASB should focus on during the second phase of the PiR.