The International Accounting Standards Board (Board) is carrying out a research project to consider filling a gap in IFRS Standards by improving the comparability and transparency of reporting on combinations of businesses under common control.
IFRS 3 Business Combinations covers how to account for mergers and acquisitions between unrelated parties but it does not cover combinations of businesses under common control.
In this update, departing Board member Gary Kabureck summarises and discusses the preliminary views the Board has reached in this project. The Board plans to publish a discussion paper to seek public feedback on its views later this year.
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