In this article published in the Australian Accounting Review, International Accounting Standards Board (Board) Member Ann Tarca explains the Board’s preliminary views for accounting for business combinations under common control, an issue not currently addressed in IFRS Standards. Such combinations are widespread and the accounting for them is diverse. The Board’s preliminary views aim to reduce diversity in practice and to improve the information provided to investors so they can understand the effects of these transactions and compare companies that undertake them.
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