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August 18, 2011

AASB consults on potential IFRS 3 and IAS 38 improvements

The Australian Accounting Standards Board (AASB) has issued a consultation to identify any improvements that could be made to the principles in IFRS 3 Business Combinations and IAS 38 Intangible Assets.

The AASB said it is gathering information for the purposes of a post-implementation review of the principles.

The questionnaire seeks information on participants experiences in using information prepared in accordance with particular aspects of the original version of IFRS 3 and revised version of IFRS 3 or similar GAAP.

The consultations follows a recent AASB staff research questionnaire for preparers, advisors, auditors and regulators on the initial accounting for intangible assets acquired in business combinations under IFRS 3 and IAS 38.

The deadline to complete the questionnaire, which is intended for users of financial statements, is 15 December.

 

 

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