Registration Time: 09.00

Session Time: 09.15 - 12.30 incl 15min break
Speaker:  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.

OBJECTIVE OF THE SESSION

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.

TOPICS ON THE AGENDA

• 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

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.

EVENT CPE COMPETENCES

3 Hour Core

WEBINAR TERMS AND CONDITIONS

Terms and conditions apply

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