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IASB Releases Amendments to Accounting Standard IFRS 3
08-Nov-2018
LONDON - The International Accounting Standards Board (IASB) released amendments to an accounting standard, aligning it closer with its American counterpart.
The London-based IASB said the overhaul to the definition of a business in International Financial Reporting Standard 3 will help companies determine whether an acquisition is made by a business or by a group of assets, the standard setter said in a statement.
Companies reporting under IFRS standards are required to apply the amended definition of a business for acquisitions that occur on or after Jan. 1, 2020. Earlier application is permitted.
IFRS 3 was the result of a joint project between the IASB and the US Financial Accounting Standards Board, which overhauled its definition of a business last year.
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