Exposure Draft: Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11) issued by the International Accounting Standards Board (IASB)

Exposure Draft issued by the International Accounting Standards Board (IASB) on Definition of a business and accounting for previously held interests (proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements), is for comment only. Comments on the Exposure Draft need to be received by September 15, 2016. The Exposure Draft clarifies both the definition of a business and how to account for previously held interests. The proposed amendments provide:

  • clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3; and
  • clarification on how an entity should account for previously held interest in a business, if acquiring control, or joint control, of that business.

The downloadable versions of the above mentioned Exposure Draft is available at:


Further, comments on the abovementioned Exposure Drafts issued by the ASB and IASB may be submitted through any of the following modes.

1 Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2 Email: Comments can be sent to: commentsasb@icai.in
3 Postal:                        Secretary, Accounting Standards Board,

The Institute of Chartered Accountants of India,

ICAI Bhawan, Post Box No. 7100,

Indraprastha Marg, New Delhi 110 002


Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to asb@icai.in

Source- ICAI

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