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The objective of IFRS 3 is to improve the relevance, reliability, and comparability of an entity’s financial statements with respect to the information provided about business combinations and their effects. IFRS 3 establishes principles and requirements regarding recognition and measurement of identifiable assets and goodwill acquired, liabilities assumed, any non-controlling interest in the acquiree, and any gains from a bargain purchase. The standard also provides guidance on the disclosures required to enable financial-statement users to evaluate the nature and financial effects of the business combination.
IFRS 3 Business Combinations — Updated June 2011
For a more comprehensive introduction to the adoption of IFRSs, see the online course, IFRS 11/12 and IAS 28 — 2011. You must be registered to access and purchase the course.
Further resources on IFRS/IAS
Other IFRS/IAS articles and Professional Development Courses on PD Net
Brian Friedrich, CGA, CERTIFR
Laura Friedrich, CGA, CERTIFR
Stephen Spector, MA, FCGA