The International Accounting Standards Board (IASB) has issued International Financial Reporting Standard 3 Business Combinations (IFRS 3), and revised Standards IAS 36 Impairment of Assets and IAS 38 Intangible Assets.
The IASB announced in July 2001 that it would undertake a project on Business Combinations as part of its initial agenda. The project’s objective is to improve the quality of, and seek international convergence on, the accounting for business combinations and for goodwill and intangible assets. The project has a number of phases. IFRS 3, together with the revised versions of IAS 36 and IAS 38, has been issued as part of the first phase.
The main features of the new and revised Standards are: