What are the salient features of Ind AS-103 on 'Business Combination'?
CS Executive · Corporate and Management Accounting · PYQS · June 2019
What are the salient features of Ind AS-103 on 'Business Combination'?
Answer & Explanation:
The objective of Ind AS 103 on 'Business combination' is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. To accomplish that, this Indian Accounting Standard establishes principles and requirements for how the acquirer: recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination.
Topics: Financial Reporting Standards
Related Questions in this Topic
- What are the disclosure requirements as per Ind AS 102?
- What are the responsibilities of the Trustees of the International Financial Reporting Standards (IFRS) Foundation?
- Explain the following: Features of International Financial Reporting Standards.
- The date that award exercised satisfied conditions of agreement is called:
- (1) To determine Fair value. (2) To set out a single Ind AS framework for measuring fair value. (3) To require disclosur...