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IASB Publishes Business Combinations Standard; Consistent With FASB

[print version]

IASB Announces Business Combinations Standard is Now Consistent With FASB
 
Jan. 10, 2008 -- The International Accounting Standards Board (IASB) announced today that it has completed the second phase of its business combinations project by issuing a revised version of International Financial Reporting Standard (IFRS) 3 and amended International Accounting Standard (IAS) 27, as indicated below.
 
These changes to IFRS standards, along with the changes made late last year by the Financial Accounting Standards Board (FASB) to amend FAS 141 on Business Combinations and issue FAS 160 on Noncontrolling Interests, ensure that the accounting for Business Combinations -- whether using IFRS or U.S. GAAP are substantially the same.
 
Read the complete press release here.
 
Additionally, read a Project Summary/Feedback Statement that traces the history of the changes. Note: page 5 of the document provides a flowchart that tracks the progress of the original standards showing the changes made in U.S. GAAP and IFRS to arrive at substantially "converged" accounting for Business Combinations.
 
Additional Guidance From:

[print version] *

  • Business CombinationsIASB_2008_01
  • Business_Combinations_2008_01

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