The Board is proposing to prohibit the restatement of pre-combination information. Derecognition and modifications of financial liabilities, however, remains a complex area where other differences between IFRS Standards and US GAAP arise. By attending all 3 parts you will be eligible to earn up to 14 CPE credits. As the COVID-19 situation continues, the IASB Board could make additional changes to its work plan, and we encourage you to check our Global IFRS Institute frequently for updates. For more detail about the structure of the KPMG global organization please visitÂ https://home.kpmg/governance. The Boardâs objective is to reduce diversity in practice and improve comparability and transparency. KPMG gives examples and discusses what companies have found most complex about the new revenue standard, and the latest FASB and IASB developments. Here we offer our latest thinking and top-of-mind resources. Now, with the recent publication of Law 11.638/07, the transition to IFRS has also become a priority for other Brazilian â¦ The amendments also clarify that the transfer of a companyâs own equity instruments is regarded as settlement of a liability, unless it results from the exercise of a conversion option meeting the definition of an equity instrument. They can be early adopted. The amendments to IAS 16 therefore better align the accounting for incidental income to that under US GAAP, except for PPE to be rented or sold. Kim Heng. See the IASB Board work plan for other projects that are currently in progress. IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control of a business (e.g. PwC â Practical guide to IFRS: Determining whatâs a business under IFRS 3 (2008) 2 A business is defined in IFRS 3 (2008) as âan integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly KPMG International provides no client services. Search our list of publicly available, CPE-eligible IFRS seminars and self-studies. Some of the new tests, however, are quite complex." costs of producing and selling items before the PPE is available for its intended use; and. These transactions are outside the scope of IFRS 3 Business Combinations and significant diversity has emerged in how the receiving company accounts for the transaction in its financial statements â some companies use the acquisition method (i.e. of IFRS 3. Required fields However, the Board is proposing certain exceptions to this rule â e.g. Connect with us via webcast, podcast, or in person at industry events. The current and noncurrent classification of liabilities is not currently converged between IFRS Standards and US GAAP. Keywords: KPMG, IFRS, IASB, request for information, business combinations, IFRS 3. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (âKPMG Internationalâ), each of which is a separate legal entity. The test is optional under IFRS Standards. Explore challenges and top-of-mind concerns of business leaders today. KPMG Executive Education has developed and delivered over 1,000 internal and external programs on trending topics and emerging issues in the accounting and finance industry, taught by KPMG leaders, industry specialists, and highly â¦ Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values â¦ – Individual standards and interpretations are developed and maintained by the IASB and the IFRS Interpretations Committee. Â© 2020 Copyright owned by one or more of the KPMG International entities. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to beÂ extended by one year. In addition, other projects that were slated for completion in Q2 2020 will not be completed until later in 2020. The IASB Board still intends to advance time-sensitive projects â including IBOR Phase 2 and amendments to IFRS 17 under the original project plans. In March 2018, the IASB Board revised its Conceptual Framework. Click anywhere on the bar, to resend verification email. Firstly, the mandatory impairment â¦ US GAAP requires companies to perform an initial screen test as part of their assessment. We want to make sure you're kept up to date. Virtual Seminars. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Related PPE is available for its intended use podcasts to hear perspectives on today 's business.... Last time you logged in our privacy statement has been updated since last. The recent amendments to IAS 16, Property, Plant and Equipment ( )! For US to remember for our examination point of view the original plans! Sure you 're kept up to date, Property, Plant and Equipment ( PPE ) â Proceeds before use... 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