{"id":811,"date":"2018-10-23T17:04:50","date_gmt":"2018-10-23T09:04:50","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=811"},"modified":"2018-10-24T18:55:35","modified_gmt":"2018-10-24T10:55:35","slug":"amendments-to-ifrs-3-to-improve-the-definition-of-a-business","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/10\/23\/amendments-to-ifrs-3-to-improve-the-definition-of-a-business\/","title":{"rendered":"Amendments to IFRS 3 to improve the definition of a business"},"content":{"rendered":"<p class=\"hP\"><span style=\"color: #000000;\">On 22 October 2018, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 <em>Business Combinations<\/em> to improve the definition of a business.The amendments assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition.<\/span><\/p>\n<p><span style=\"color: #000000;\">The previous definition of a business as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing <em>a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants, <\/em>whereas the new definition emphasises that the output of a business is providing <em>goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities<\/em>. <\/span><\/p>\n<p><span style=\"color: #000000;\">It is important to differentiate between a business and a group of assets because an acquirer recognises goodwill only when acquiring a business. The IASB has also provided supplementary guidance for further clarity and application.<\/span><\/p>\n<p><span style=\"color: #000000;\">Entities are required to apply the amendments to transactions for which the acquisition date is on or after 1 January 2020. Earlier application is permitted.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">Source: <i>IFRS<\/i>, 23 October 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 22 October 2018, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business.The amendments assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The previous definition of a business as an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-811","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=811"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/811\/revisions"}],"predecessor-version":[{"id":813,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/811\/revisions\/813"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=811"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}