The International Accounting Standards Board (IASB) has been advised by ACCA’s (the Association of Chartered Certified Accountants) Global Forum for Corporate Reporting that the global standard for the acquisition of businesses – IFRS 3 – needs reconsidering.
The specific accounting standard for dealing with the acquisition of businesses – called IFRS 3 - was significantly revised with effect from 2009 and the IASB issued a request for information as part of its Post-implementation Review (PiR) into the effect of the revised standard.
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