IASB publishes project summary concluding its project on Business Combinations under Common Control
IASB publishes project summary concluding its project on Business Combinations under Common Control
The IASB has concluded its project on Business Combinations under Common Control (BCUCC) and published a project summary.
IFRS 3 Business Combinations does not provide requirements for accounting of transactions that involve transfers of businesses between companies under common control. Therefore, in 2020, the IASB published a Discussion Paper setting out its preliminary views on how to fill this reporting gap.
After further discussions and deliberations, in November 2023, the IASB decided not to develop requirements for reporting BCUCCs. The IASB has now published a project summary explaining the reasons behind this decision. The project summary may be accessed here.
IFRS 3 Business Combinations does not provide requirements for accounting of transactions that involve transfers of businesses between companies under common control. Therefore, in 2020, the IASB published a Discussion Paper setting out its preliminary views on how to fill this reporting gap.
After further discussions and deliberations, in November 2023, the IASB decided not to develop requirements for reporting BCUCCs. The IASB has now published a project summary explaining the reasons behind this decision. The project summary may be accessed here.