NEW YORK- The International Accounting Standards Board (IASB) issued on January 10, 2008 a revised version of the International Financial Reporting Standards IFRS 3 “Business Combinations”, and an amended version of International Accounting Standards IAS 27 “Consolidated and Separate Financial Statements.” As part of its Business Combination Project. The new requirements take effect starting July 1, 2009
The project was undertaken jointly with the US Financial Accounting Standards Board (FASB). The objective was to develop a single high quality accounting standard that would ensure that the accounting for business combinations is the same whether an entity is applying International Financial Reporting Standards (IFRSs) or US generally accepted accounting principles (GAAP).
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org