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Business combinations are infrequent transactions that are unique for each occurrence. IFRS 3 ‘Business Combinations’ contains the requirements and despite being fairly stable in the ten years since its been released, still provides challenges when accounting for these transactions in practice.

Mergers and acquisitions are becoming more and more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which are challenging in practice.

Acquisitions of businesses can take many forms and can have a fundamental impact of the acquirer’s operations, resources and strategies. These acquisitions are known as mergers or business combinations which should be accounted for using the requirements in IFRS 3 ‘Business Combinations’.

Annual financial statements will always be a critical communication to investors and other stakeholders. How effective will they be in explaining the COVID-19 pandemic impact on your organisation?

As one of the most referred to Standards, IFRS 3 has been in place for more than ten years and has undergone a post-implementation review by the IASB.

We highlight some of the hedge accounting and highly probable cash flow considerations an entity may need to consider in light of the COVID-19 pandemic.

Navigating the Changes to IFRS provides a high-level summary of recent changes to IFRS that will affect companies' future financial reporting.

Common control business combinations

Borrowers need to determine the impact of any changes to debt arrangements and then apply the guidance set out in IFRS 9 ‘Financial Instruments’ to determine whether the change is a modification (as defined in IFRS 9).

Are you ready for IFRS 16? This series of insights will help you prepare.

The global IFRS team at Grant Thornton International Ltd has published consolidated example financial statements for the year ending 31 December 2020.

Lease incentives may take various forms depending on the negotiation between the lessee and the lessor. How can you identify a lease incentive and when does the accounting treatment change?

The global IFRS team at Grant Thornton International Ltd share their insights on topical areas of IFRIC 23.

We set out below various ways to enhance communication on how the pandemic has impacted the financial position and performance of any reporting entity.

The IASB has therefore added a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. We explain the current accounting requirements, the practical expedient and how to apply it.

We set out below various ways to enhance communication on how the pandemic has impacted the financial position and performance of any reporting entity.