Global Standards for the world economy

Tuesday 12 November 2019

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Definition of a 'business'

Definition of a business


 Narrow scope amendments to IFRS 3

Definition of a 'business'

Defining a business is important because, in relation to goodwill, acquisition costs and deferred tax, the requirements for the acquisition of a business are different from the requirements for the acquisition of a group of assets. The project aims to resolve the difficulties that arise when an entity is determining whether it has acquired a business or a group of assets.

Project stages

Board deliberations

Education Material