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Last update 17/12/2019 Reacquired rights – Short version Reacquired rights Reacquired rights feature in IFRS 3 as a specific exception to the standard’s measurement principle in such business combinations. The standard stipulates that a reacquired right is an intangible that must be recognised separately from goodwill. Reacquired rights The general measurement principle of IFRS 3 … Read more

Last update 02/12/2019 IFRS 3 Identify a business – An entity shall determine whether a transaction or other event is a business combination by applying the definition in IFRS 3, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account … Read more

Last update 16/12/2019 IFRS 3 Complete disclosures Business Combinations covers IFRS 3’s disclosure requirements. An illustrative disclosure is provided at the end of this Section, including insights on certain disclosure areas. IFRS 3 Complete disclosures Business Combinations Topics hide General objectives of the disclosure requirements Business combinations that require disclosures Minimum disclosure requirements THE DETAILS … Read more

Last update 17/12/2019 IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. A revised version … Read more

Last update 11/12/2019 IFRS 3 Business combinations Content – In April 2001 the International Accounting Standards Board (Board) adopted IAS 22 Business Combinations, which had originally been issued by the International Accounting Standards Committee in October 1998. IAS 22 was itself a revised version of IAS 22 Business Combinations that was issued in November 1983. … Read more

Last update 02/12/2019 IFRS 3 Application of the definition of a business – Highlights In October 2018, the International Accounting Standards Board (IASB or Board) issued amendments to the definition of a business in IFRS 3 Business Combinations. The amendments are intended to assist entities to determine whether a transaction should be accounted for as … Read more

Last update 02/12/2019 IFRS 3 Acquired process is substantive? – IFRS 3 requires a business to include, as a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Because all asset acquisitions include inputs, the existence of a substantive process is what distinguishes an asset or group … Read more

Last update 17/12/2019 IFRS 17 Insurance Contracts Contents provides the explanations on all aspects of IFRS 17 in this website. IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation … Read more

Last update 09/12/2019 Variable lease payments that depend on an index or rate are initially included in the lease liability using the index or rate at the commencement date of the lease. Variable lease payments include payments linked to a consumer price index, payments linked to a benchmark interest rate (such as EURIBOR) or payments … Read more

Last update 05/12/2019 IFRS 16 Right to use – throughout the period of use the lessee has to meet the following two rights: IFRS 16 Right to use the right to obtain substantially all of the economic benefits from the use of the identified asset, and IFRS 16 Right to use the right to direct … Read more