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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
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Definition of a business - Proposed amendments to IFRS 3

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Determining whether a transaction is an asset or a business acquisition has long been a challenging but important area of judgement. The IASB has issued proposed amendments to IFRS 3 Business Combinations that seek to clarify this matter.

Publié dans : Business

Definition of a business - Proposed amendments to IFRS 3

  1. 1. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Definitionofa business Proposed amendments to IFRS 3 4 July 2016 kpmg.com/ifrs
  2. 2. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. “Clarification and narrowing of the current, vague definition of a business would be welcome. Currently, in a few sectors you are not necessarily on solid ground when you decide whether to account for an asset or a business acquisition. Whilst the proposed tests may effect some narrowing, implementing them might be complex.” Aproblemfixed? Mike Metcalf KPMG’s global IFRS business combinations leader 2
  3. 3. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 3 Likelysectorimpacts In-process R&D project Exploration project Purchase of Now Proposed Tenanted property Mixed practice Asset or business acquisition (depending on the workforce)
  4. 4. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Whyisitimportant? 4 Business and asset acquisition accounting can be very different Goodwill (not amortised) Additional intangibles Bargain purchase gain Day-1 deferred tax Capitalised transaction costs Business acquisition Asset acquisition
  5. 5. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Theproposals
  6. 6. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 6 Test1:Assetconcentrationtest Is substantially all the fair value concentrated in one or more similar assets? Asset acquisition Could be a business…No Yes STOP Apply test 2
  7. 7. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 7 Test2:Workforcetest Is there an acquired workforce that has the necessary skills for producing outputs now or developing future outputs? Business acquisitionYes STOP Could be a business…No Apply test 3
  8. 8. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 8 Test3:Processtest Is it disruptive or costly to replace the process that contributes to the ability to produce output? Business acquisitionYes STOP No Asset acquisition STOP
  9. 9. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 9 Ourthoughts The combination of both factors may make implementation complex The proposals aren’t drafted in a succinct, straightforward way Tests 2 and 3 may not achieve the desired narrowing So, would the proposals achieve their objectives?
  10. 10. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Nextsteps
  11. 11. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Nextsteps Read the proposals Speak to your usual KPMG contact Comment on the proposals by 31 October 2016 11
  12. 12. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com/appkpmg.com/socialmedia

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