IASB begins public consultation on Post-implementation Review of IFRS 3

30 January 2014

The IASB seeks feedback on the implementation of its Business Combinations Standard to learn about whether it is working as intended

The International Accounting Standards Board (IASB) today began the public consultation stage of its review of IFRS 3 Business Combinations by publishing a Request for Information (RfI) on experience with, and the effect of, implementing the Standard. The RfI seeks feedback on whether the Standard provides information that is useful to users of financial statements, whether there are areas of the Standard that represent implementation challenges and whether unexpected costs have arisen when preparing, auditing or enforcing the requirements of the Standard.

In addition to publishing the RfI, the IASB will also undertake a range of outreach activities internationally to gather further feedback on the effect of implementing IFRS 3.

Commenting on the review, Hans Hoogervorst, Chairman of the IASB said:

"This Request for Information forms an important part of our formal outreach programme. It will be invaluable in helping us learn whether IFRS 3 is being implemented on a consistent basis. The feedback we receive will also help us understand whether any unintended consequences have arisen following its introduction. We look forward to receiving comments from across the IFRS community."

The RfI is open for public consultation until 30 May 2014 and can be accessed via the ‘Comment on a Proposal´ page. Further details of these activities will be published on the IFRS 3 Post-implementation Review project page on the IASB´s website.




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Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
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Chris Welsh, Communications Manager, IFRS Foundation
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Email: cwelsh@ifrs.org