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SAICA: Comments on ED on Business Combinations: Disclosure, Goodwill and Impairment
- 16 August 2024
- Financial Reporting
- South African Accounting Academy
In March 2024 the International Accounting Standards Board (IASB) published for public comment the Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment. The Exposure Draft contains proposed amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets.
IFRS 3 contains requirements for how an entity accounts for business combinations. The IASB did a post-implementation review of IFRS 3 to assess whether the effects of applying IFRS 3 were as intended. The IASB started the Business Combinations—Disclosures, Goodwill and Impairment project to respond to some areas of focus identified in the post-implementation review.
The proposals to amend IFRS 3 are intended particularly, to improve the information companies disclose about the performance of business combinations.
The proposed amendments to IAS 36 are intended to improve the application of the impairment test of cash-generating units containing goodwill.
Click here to download the 12-page Comment document:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to consider your clients’ compliance with accounting standards.
- As an accountant and compiler of financial statements, you need to consider amendments and proposed amendments to standards that are issued by the standard-setting bodies, e.g. IASB, IAASB, etc.
- You should also be aware of the commentary by professional bodies, e.g. SAICA.
Relevance to Your Clients:
- An entity compiling filing financials need to consider amendments and proposed amendments to standards that are issued by the standard-setting bodies, e.g. IASB, IAASB, etc.