Educational Material on Indian Accounting Standard (Ind AS) 103 Business Combinations

The Institute of Chartered Accountants of India (ICAI) is making every possible effort to bring the financial reporting in India in parity to the practices followed internationally. In this direction, the ICAI played a key role in formulating Indian Accounting Standards (Ind AS) substantially converged with IFRS standards. Transition to Ind AS, a comprehensive set of principle based standards, involves huge efforts. ICAI has played an effective role in smooth transition of these Standards by issuing guidance and conducting trainings for implementation of these Standards. The Ind AS Implementation Group of ICAI is playing an active role in educating the members and providing guidance on practical issues that are being faced by the members and other stakeholders.

Moving forward in this direction, the Ind AS Implementation Group has come out with Educational Material on Ind AS 103, Business Combinations which by way of Frequently Asked Questions (FAQs) explains the principles enunciated in the Standard. This publication will provide significant guidance to the stakeholders in how to account for the Business Combinations and its disclosures.

This Standard lays down the principles for accounting of business combinations by acquisitions/ mergers. This Standard also deals with accounting for combination of entities or businesses under common control. This Educational Material contains summary of Ind AS 103 discussing the key requirements of the Standard and the Frequently Asked Questions (FAQs) covering the issues, which are expected to be encountered frequently while implementing this Standard.

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