The Board met on 15 March 2016 to discuss the proposed amendments to IFRS 3. The proposed amendments would clarify how to apply the definition of a business and would result in the same requirements as the FASB proposed amendments (except where there is already a difference between IFRS Standards and US GAAP).
The Board noted that the Application Guidance of IFRS 3 would be worded differently from the FASB’s proposed amendments. The Board tentatively decided to issue an Exposure Draft that includes this difference and ask constituents for their views.
All IASB members agreed with this decision.
The IASB expects to issue the Exposure Draft in the second quarter of 2016.