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This document provides an overview of IFRS 3 Business Combinations. It discusses the objective to improve the relevance, reliability and comparability of financial statements regarding business combinations. The standard establishes principles for how the acquirer recognizes and measures identifiable assets, liabilities, non-controlling interests, goodwill, and other information to disclose. It does not apply to certain combinations like those under common control. The acquisition method requires identifying the acquirer and acquisition date, then recognizing and measuring assets, liabilities, non-controlling interests obtained and resulting goodwill or gain.
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Chapter 2: Consolidation of Financial Information
1. The chapter discusses the consolidation process for business combinations, where one company obtains control over another and their financial statements are combined.
2. There are two main methods for consolidation - acquisition method for when dissolution occurs, and acquisition method for when separate incorporation is maintained.
3. For both methods, consideration transferred is allocated to identifiable assets acquired and liabilities assumed at fair value, with any excess added to goodwill. Acquisition costs are expensed rather than included in the purchase price.
Chapter 2: Consolidation of Financial Information
1. The chapter discusses the consolidation of financial information when one company obtains control over another. It describes the acquisition method used to consolidate the financial statements of the entities.
2. Under the acquisition method, the acquirer measures the consideration transferred to acquire the other entity, identifies and measures the acquired assets and assumed liabilities, and recognizes goodwill or gain from a bargain purchase.
3. Whether the acquired entity is dissolved or maintains separate incorporation, the acquisition method is used to consolidate the financial information. Worksheets and consolidation entries are prepared to eliminate intraentity balances and combine the financial statements.
Chapter 2: Consolidation of Financial Information
1. The chapter discusses the consolidation process for business combinations where one company obtains control of another. It describes the acquisition method for accounting for combinations where assets and liabilities are physically combined or where separate incorporation is maintained.
2. For combinations where assets and liabilities are combined, the acquisition method involves measuring consideration transferred, identifiable assets acquired and liabilities assumed, and goodwill. For combinations where subsidiaries remain separate, a worksheet and consolidation entries are used based on data from separate financial statements.
3. The chapter also addresses the accounting and valuation of consideration transferred, preexisting goodwill, in-process R&D, and costs related to business combinations.
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This chapter discusses the consolidation of financial information for business combinations. It explains that consolidated financial statements combine the financial data of a parent company and its subsidiaries. The chapter outlines the acquisition method for accounting for business combinations, where one company obtains control of another. Under this method, the consideration transferred is allocated to identifiable assets acquired and liabilities assumed based on their fair values. Goodwill arises when the consideration exceeds the fair values. The chapter also discusses how pre-existing goodwill and in-process R&D are treated under the acquisition method.
Ifrs3
IFRS 3 establishes principles for how an acquirer recognizes and measures assets acquired, liabilities assumed, and any non-controlling interest in a business combination. An acquirer recognizes the identifiable assets acquired and liabilities assumed at their acquisition-date fair values and discloses information about the nature and financial effects of the acquisition. The standard requires applying the acquisition method to account for business combinations and recognizing any goodwill or gain from a bargain purchase. It also mandates disclosures to enable users to evaluate the nature and financial impact of business combinations.
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Ifrs3
- 2. Overview OBJECTIVE SCOPE IDENTIFICATION OF THE ACQUIRER ACQUISITION METHOD DISCLOSURES
- 3. OBJECTIVE To improve : the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination.
- 4. OBJECTIVE To achieve this objective : this standard established principles and requirements for the acquirer. These principles and requirements are: a) How the acquirer recognize and measures in its financial statements the identifiable assets acquired, the liabilities assumed and any non- controlling interest in the acquire.
- 5. OBJECTIVE To achieve this objective : b) how the acquirer recognizes and measures the goodwill acquired in the business combination or a gain from a business combination. c)What information to disclose;
- 6. SCOPE • This IFRS applies to a transaction or other event that meets the definition of a business combination. It does not apply to: i. Joint arrangements ii. Acquisition of an asset or a group of assets that does not constitute a business. iii. Combination of entities or businesses under common control. iv. Acquisition by an investment entity.
- 7. Identification A transaction or other event is a business combination if: The assets acquired and liabilities assumed constitute a business. If the asset acquired are not a business, it must be accounted for as an asset acquisition. • Paragraphs B5–B12 provide guidance on identifying a business combination and the definition of a business.
- 8. Acquisition Method • This standard requires to use the acquisition method to account for a business combination transaction. • IT involves four steps: Step 1: Identify the acquirer Step 2: Determine the acquisition date: date on which the acquirer obtains control.
- 9. Acquisition Method Step 3: Recognize and measure the identifiable assets acquired, the liabilities assumed and any non controlling interest in the acquiree; Step 4:Recognize and measure the goodwill or a gain from a bargain purchase.
- 10. Disclosures • Adjustments recognized in the current reporting period that relate to a business combination that occurred in this period or in the previous period.