Subsequent to the release of the revised Conceptual Framework, the IASB published on 30 May 2019 an Exposure Draft with proposed amendments to IFRS 3 Business Combinations – IASB ED/2019/3 Reference to the Conceptual Framework.
The IASB proposes to:
- update IFRS 3 so it refers to the 2018 Conceptual Framework instead of the 1989 Framework.
- add to IFRS 3 an exception to its recognition principle for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 if incurred separately.
- add to IFRS 3 an explicit statement that an acquirer should not recognise contingent assets acquired in a business combination.
Comments can be submitted to the IASB until 27 September 2019. (further information)