22. October 2018

IASB publishes amendment to IFRS 3

Today, the IASB published an amendment to IFRS 3 in respect of the definition of a business. These amendments change and add details in paras. B5 et seqq. This aims at clarifying the three elements of a business, which was deemed necessary as application questions have arisen in assessing whether an asset acquisition is a business or not.

These amendments shall be applied for acquisitions occuring during annual periods beginning on or after 1 January 2020.

The standard is available from the IASB only, and subject to charges. (further information)