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Business combinations: determining what a business is under IFRS 3 (2008)
Application of the revised business combinations standard, IFRS 3 (2008), has revealed a number of implementation challenges. One of the most significant is the determination of what a business is under the revised standard. The definition of a business was only changed to include the three words: ‘is capable of’. However, the inclusion of expanded application guidance, changes to the scope of the standard and convergence with US GAAP has led to more transactions being seen as business combinations compared to the conclusions reached under the previous standard.
Contacts
- Zubair Wadee
- Director
- Johannesburg
- Tel: +27 11 797 5875
- Nicholas Ganz
- Director
- Johannesburg
- Tel: +27 11 797 5568
