Review our cookie policy for more information. Hedge accounting 25 5. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations – Reference to the Conceptual Framework. In addition, the Board added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities and it clarified existing guidance in IFRS 3 for contingent assets. It prescribes the rules for subsequent measurement and accounting and defines all … In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Structure: Series of four three-day online modules, completed by the exam and EY IFRS Diploma. Given the pervasive nature of IBOR-based contracts, the amendments could affect companies in all industries. A ‘business’ is an integrated set of activities and assets that is capable of being conducted and managed to provide a return to the investors by way of dividends, lower costs or other economic benefits. Will your digital investment strategy go from virtual to reality? Online Live Programme with Full Tutor Support. “The clarification and narrowing of the current, vague definition of a business is welcome. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. 1.3 Is the business combination within the scope of IFRS 3? remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. More insights and guidance Long-term interests in associates and joint ventures. 16. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). 2, paragraph 44 SIC 29.6 Standing Interpretations Committee Interpretation No. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Course features: Comprehensive course materials provided Unfortunately, the link which you have accessed is no longer active. All Rights Reserved. Mike Metcalf. Price: EUR 500 net per 3-day module. What elevated levels of political risk mean for business in 2021. However, paragraph 11 of IFRS 3 Business Combinations, which continued to refer to the 1989 Framework, was not updated as this could have caused conflicts for entities applying IFRS 3. The corporate reporting survey data tool enables you to investigate the data behind the annual global corporate reporting surveys. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Thanks for your interest in the IFRS Expert position. Will your digital investment strategy go from virtual to reality? The EY Diploma in IFRS 7 Module 3 Part 3A Financial instruments under IAS 39 and IFRS 9 • Classification of equity and liabilities • Disclosure of the various risks • Compound financial instruments such as convertible loan stock • Accounting for financial assets and financial liabilities Different countries from around the globe that have adopted IFRS, however, have used its flexibility to accommodate its practice needs depending on their national standards and circumstances in accountability. IFRS 3 (2008) resulted from a joint project with the US Financial Accounting Standards Board (FASB) and replaced IFRS 3 (2004). The assessment of whether one entity controls another (ie when a parent-subsidiary relationship exists) is essential to the preparation of financial statements under International Financial Reporting Standards (IFRS). 29, paragraph 6 IFRIC 5.6 IFRS Interpretations Committee (formerly IFRIC) Interpretation No. 9 — Guidance on Implementing IFRS 9 The objective of IFRS 3 is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. IFRS 3 (Revised) is a further development of the acquisition model. EY IFRS podcast episode 3 This is the third episode of five EY IFRS podcasts on the determination of discount rates by lessees, when applying the new leases standard of IFRS 16 Leases. 8 IFRS 3 (Revised): Impact on earnings –the crucial Q&Afor decision-makers Questions and answers Scope and applicability The business combinations standard represents some significant changes for IFRS but is less of a radical change than the comparable standard in US GAAP. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Please CLICK HERE to return to the EY Global careers site and use keywords to search for this job as it still might be active, or … Are you running an analogue supply chain for a digital economy? Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. 14 1.3.1 Scope of IFRS 3 14 1.3.2 Accounting for common control business combinations outside the scope of IFRS 3 17 2 Identify the acquirer 18 2.1 Reverse acquisitions 20 3 When is the acquisition date? EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The EY Diploma in IFRS Live Online Programme with full Tutor Support Client Relations Officer Aleksandra Trych tel. IFRS 3 Business Combinations Last updated: March 2017 This communication contains a general overview of this topic and is current as of March 31, 2017. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. 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