Navigating the accounting for business combinations

Published by the IFRS team at Grant Thornton International Ltd.

Grant Thornton International,through its IFRS team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS.

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Example of Consolidated Financial Statements 2011

Published by the IFRS team at Grant Thornton International Ltd. 

The preparation of financial statements in accordancewith International Financial Reporting Standards(IFRS) is challenging. The challenges have increased as a result of applying new Standards and Amendments published by the International Accounting Standards Board (IASB) that significantly impact both the presentation of the primary statements and the accompanying disclosures.

Example Consolidated Financial Statements 2011 illustrates one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors. The publication has been reviewed and updated to reflect changes in IFRSs that are effective for the year ending 31December 2011. However, no account has been taken of any new developments published after 31 August 2011.

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Intangible Assets in a Business Combination - Identifying and valuing intangibles under IFRS 3

Published by the IFRS team at Grant Thornton International Ltd.

The revised version of IFRS 3 Business Combinations, published by the International Accounting Standards Board in January 2008, has drawn renewed attention to a complex and developing area of financial reporting - the recognition and measurement of intangible assets. Acquirers in business combinations can expect reported amounts of intangible assets and goodwill to be closely scrutinised by investors, analysts and regulators. The Intangible Assets Guide includes practical guidance on the detection of intangible assets in a business combination and explains how they might be valued. An overview of IFRS 3 summarises the main aspects of accounting for business combinations and draws out a number of practical points to consider.

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