Present in business combination
13-14/2005 , p89..94
Author(s):
Cristian RĂPCENCU
Keywords:
business combination, US GAAP, IFRS
Abstract:
IFRS 3 has been developed in order to require a methodology for accounting for business combinations. An important aspect has been to converge the requirements of IFRS relating to business combinations as closely as possible with those of US GAAP. Differences still exist but after the meeting from June this year between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) joint proposals were published in order to improve and align the accounting for business combinations.Several involve radical changes.The way in which acquisitions and transactions with non-controlling interests would be reflected under the proposed model is not intuitive for many accountants and would take us a long way from established practice.
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