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The Institute of Chartered Accountants of India invites comments from the public on the Discussion Paper issued by the IASB. The downloadable version is available athttps://www.icai.org/resource/62735asb50718.pdf. Read the official announcement below: International Accounting Standards Board (IASB) of IFRS Foundation has issued Discussion Paper on Business Combinations under Common Control for public comments. IFRS 3 Business Combinations set outs reporting requirements for mergers and acq
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FAQ :
The IASB Discussion Paper concerns Business Combinations under Common Control, aiming to establish consistent reporting requirements for transactions where businesses are transferred between entities within the same group.
Currently, there's a lack of clear guidance in IFRS Standards for these types of combinations, leading to diverse reporting practices that make it difficult for investors to understand and compare companies.
The IASB suggests using the acquisition method when a common control combination affects non-controlling shareholders, and a specified book-value method in all other cases.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Accounting Standards Board of ICAI.
Comments must be received by July 15, 2021.
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