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AASB 3 - Business Combinations
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Developments 
  • AASB Developments
       
    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
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    • March 2008 
      A revised AASB 3 was issued, applicable from 1 July 2009, with early adoption permitted from 30 June 2007 for for-profit entities only. Click here for a summary of the requirements of the revised AASB 3.
     
  • IASB Developments 
    The IASB have a common control transactions project, to deal with the accounting of business combinations for entities under common control. A project outline is expected in January 2009.
Key Differences 
For differences between AASB 3 and the revised AASB 3 (issued in March 2008), click here. 
 
History
  • February 2004: AASB 3 was issued.
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  • June 2005: AASB 2005-6 made various amendments to AASB 3, applicable from 1 January 2006, with early adoption permitted from 1 January 2005.
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  • April 2007: AASB 2007-4 made various amendments as a result of ED 151, applicable from 1 January 2007, with early adoption permitted from 1 January 2005.
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  • September 2007: AASB 2007-8 required various amendments due to changes to AASB 101, applicable from 1 January 2009, with early adoption permitted from 1 January 2005.
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  • December 2007: AASB 2007-9 was issued to clarify that for-profit government departments are outside the scope of AASB 3. This standard is applicable from 1 July 2008, with early adoption permitted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.