We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. Read More


Log in

M21092 - Illustrating The Amendments of IFRS 3 From A Practical Perspective (Online)

  • 19 Nov 2021
  • 09:15 - 12:30
  • Online Webinar


Registration Time: 09.00
Session Time: 09.15 - 12.30 incl 15min break
Speaker:  Mr Michael J Agius & Mr Wayne Zerafa
Venue: Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00
*Group bookings for 3 or more participants available.

Following a number of amendments, IFRS 3 was introduced in 2004 – effective for any business combinations on or after 31 March 2004. In January 2008, IASB issues an updated IFRS 3, effective for business combinations on or after the beginning of the first annual period beginning on or after July 2009. In 2019, the IASB issues Definition of Business amendments to IFRS 3, effective for business combinations for which the acquisition date is on or after the beginning of the first annual period beginning on or after 1 January 2020 and to asset acquisitions that begin on or after the beginning of that period. Narrow scope amendments help companies determine whether an acquisition made is of a business or a group of assets.


To provide an overview of the standard and recent amendments to the standard. Furthermore, the session shall also provide a walkthrough of various business combination examples.


• Scope of IFRS 3: IFRS 3 applies to business combinations, but does not apply to joint ventures, acquisition of an asset or group of assets that is not in business, common control transactions, acquisitions under IFRS 10
• Identifying a business combination - difference in accounting between combinations and asset acquisitions
• The acquisition method: identifying an acquirer, identifying an acquisition date, recognition and measurement principles to accounting for acquired assets and liabilities, measurement of goodwill, measurement of NCI (fair value or proportionate), step acquisitions
• Clarification of what is a business: An integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities, as defined by IFRS 
• Related transactions and subsequent accounting: contingent consideration, pre-existing relationships and reacquired rights, contingent payments to employees and shareholders
• Optional concentration test: IFRS 3, paragraph B7B sets out the criteria for the 'concentration test' to apply. The key driver is that substantially all of the fair value of the gross assets acquired must be concentrated in a single identifiable asset or group of similar identifiable assets.
• Disclosure requirements: disclosure of information about current business combinations, disclosure of information about adjustments of past business combinations.
• Recent amendments.
• Practical examples

Target audience

Financial controllers, CFOs and Accountancy and Audit firms

Speakers profile

Michael J Agius – Michael holds a Bachelor (Hons.) in Economics from the University of Malta and is also a qualified accountant after completing his ACCA qualification in 2016. In 2018 Michael also completed, with High Honours, the Advanced Valuation Certificate from New York University – Leonard N. Stern School of Business taught by Professor Aswath Damodaran.
Michael joined Grant Thornton in 2014 and specialises in corporate finance. His work is mainly revolved around business and asset valuations, and assistance with raising finance, both through bank finance as well as capital markets.
Michael forms part of the transaction advisory team at Grant Thornton where he services a varied portfolio of clients in different sectors, ranging from hospitality, healthcare, real estate, retail, renewable energy, and information technology. Throughout the years Michael was involved in a variety of corporate finance engagements, these mainly include:
Business, asset, intangible, and real estate valuations
Review of valuations
Assistance with raising finance on capital markets
Financial due diligence reports
Balance sheet and debt restructuring
Assisting clients with delineating financial strategies
Impairment reviews
Corporate finance disposals and acquisitions
Risk and scenario stress testing analysis
Financial modelling and preparation of financial projections.
Wayne Zerafa - Wayne is an Executive at Grant Thornton engaged in the Transaction Advisory Services, a department specialising in corporate finance. He holds a Masters degree in Accountancy from the University of Malta Wayne assists clients in the preparation of financial statements in accordance with IFRS and other applicable frameworks, and also works on a number of IFRS advisory projects regarding the applicability of accounting standards to various client transactions and restructuring projects.


3 Hour Core


Terms and conditions apply


By Registering and/or Booking for this event, you agree that MIA will collect your information, who will be using it as per the MIA Privacy Policy for CPE Events. Please read the MIA’s Privacy Notice for CPE Events in its entirety which can be found at this link. By accepting to participate in this event you accept that MIA shall process personal data in accordance with this Privacy Notice.
If registration is being affected by a company or other corporate entity on behalf of an attendee or the registering company or other corporate entity supplies to the MIA personal data of third parties, such as of employees, affiliates, management companies or service providers, the registering company or other corporate entity shall be solely responsible for making sure that the provision of such data to the MIA fully complies with applicable laws and the relevant person in regard to whom the data relates has been provided with the necessary information at law regarding the MIA’s processing of his personal data.
Any information notices, consents or other applicable requirements that may be required to be fulfilled for the provision of third party data to the MIA shall be borne solely by the registering company or other corporate entity. The registering company or other corporate entity hereby fully indemnifies the MIA and shall render the MIA completely harmless against all costs, damages or liability of whatsoever nature resulting from any claims or litigation (instituted or threatened) by any third party against the MIA as a result of the provision of any third party personal data to the MIA by the registering company or other corporate entity.
The Malta Institute of Accountants may take photos during this event. These images will be used by the Institute to share news about the event in newsletters, the Annual Report, The Accountant journal and printed publicity. Photos can also be published on MIA’s Facebook, Linkedln and Twitter. Such images may be used to publicise future events of the same nature and for reporting purposes.


Suite 4, Level 1, Tower Business Centre, Tower Street, Swatar, BKR 4013, Malta 

E-mail: info@miamalta.org

Tel. +356 2258 1900