Last week the International Accounting Standards Board (IASB) completed the second phase of its joint business combinations project with the FASB by releasing a revised version of IFRS 3 Business Combinations and an amended version of IAS 27 Consolidated and Separate Financial Statements. The new requirements will take effect July 1, 2009, although “entities are permitted to adopt them earlier,” according to an IASB release. “Now the accounting requirements in IFRSs and U.S. GAAP will be substantially the same, thanks largely to the changes that the FASB has made to U.S. GAAP,” says IASB Chair Sir David Tweedle. “The changes to IFRSs have, in contrast, been relatively small.” Next the IASB plans to publish a Project Summary and solicit feedback on the new requirements. More information, including subscriptions to electronic IFRSs are offered at the IASB website.
Also available: “Business Combinations II: Enhancements to Accounting for Global M&A” appears in the latest issue of INSIGHT, the IASB’s quarterly journal. The Q4 edition focuses on “issues related to worldwide adoption of IFRSs,” including a view of the European Union two years after the adoption of IFRSs and a discussion of the SEC removing reconciliation requirements for IFRSs in the U.S. Download a copy here.
Two IFRIC vacancies. Trustees of the IASB are looking to fill two vacancies on the International Accounting Standards Committee (IASC). “In making these appointments, the Trustees will place special emphasis on a candidate’s ability to identify and address issues concerning the practical application of IFRSs.” Once appointed, members will serve terms through June 30, 2011, and will typically attend six two-day meetings per year in London. Candidates should send a cover letter and a CV by February 7, 2008. Learn more—and download an application—here.
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