Global Standards for the world economy

Tuesday 16 July 2019

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The Board tentatively decided to finalise the amendments

 27 April 2017


The Board met on 27 April 2017 to discuss implementation and maintenance projects.

Amendments to IFRS 3 and IFRS 11 (Agenda Papers 12D-12E)

The Board discussed the Committee's recommendations on the proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements regarding previously held interests in a joint operation. The amendments to IFRS 3 would clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 would clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.

The Board tentatively decided to finalise the amendments to IFRS 3 and IFRS 11 with no substantive changes. The Board tentatively decided to clarify in the amendments to IFRS 3 that when an entity obtains control of a business that is a joint operation, it remeasures its overall previously held interest in that business.

Twelve of 13 Board members agreed with these decisions and one member abstained from voting on these decisions.

Next steps

The Board will consider the effective date and due process steps at a future meeting.