{"id":"F2015L01592","name":"AASB 3 - Business Combinations - August 2015","slug":"aasb-3-business-combinations-august-2015","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173137,"registerId":"commonwealth-F2015L01592-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Other enquiries","sectionType":"part","heading":"Other enquiries","content":"## Other enquiries\n\nPhone: (03) 9617 7600\n\nE-mail: standard@aasb.gov.au\n\nCOPYRIGHT\n\n© Commonwealth of Australia 2023\n\nThis compiled AASB Standard contains IFRS Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.\n\nAll existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.","sortOrder":0},{"sectionNumber":"Accounting Standard AASB 3","sectionType":"part","heading":"Accounting Standard AASB 3","content":"# Accounting Standard AASB 3\n\nThe Australian Accounting Standards Board made Accounting Standard AASB 3 Business Combinations under section 334 of the Corporations Act 2001 on 7 August 2015.\n\nThis compiled version of AASB 3 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).","sortOrder":1}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"Compared with the original 2015 instrument, this compiled version updates the operative application period and expressly incorporates amendments made up to 15 December 2022. Concretely, entities must apply this updated, amended text for reporting periods starting on or after 1 January 2023 and before 1 July 2026 (source: compilation/effective‑date statements)."},"complexity_factors":["Incorporation of IFRS Foundation material (copyright and reproduction rules apply) increases cross‑jurisdictional reference complexity (source: copyright statement).","Compiled version incorporates multiple AASB amendments up to 15 December 2022, requiring users to track prior changes and interdependencies (source: compilation note).","Narrow effective period (applies to annual periods beginning on or after 1 Jan 2023 but before 1 Jul 2026) creates timing and transitional complexity for preparers (source: effective‑date statement).","Legal basis under Corporations Act section 334 ties application to corporate reporting law, so compliance affects entities governed by that Act (source: instrument-making statement).","Version control and post‑2026 uncertainty: users must confirm which subsequent standard or amendment applies after 30 June 2026 (implied by the stated date range).","Interplay with other AASB Standards: 'relevant amendments contained in other AASB Standards' implies cross‑referencing obligations to identify applicable changes (source: compilation note).","Reproduction restrictions outside Australia and permissions for commercial use add administrative steps for distributors and advisers (source: copyright statement).","Limited text here provides only meta details (title, dates, copyright); full substantive application requires consulting the full Standard, increasing practical compliance effort."],"plain_english_summary":"AASB 3 sets the accounting rules for recognising and measuring business combinations. This compiled version, made under section 334 of the Corporations Act 2001, applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026 and incorporates AASB amendments up to 15 December 2022. It affects entities preparing financial reports under the Corporations Act by specifying which (amended and IFRS‑aligned) version of the business‑combinations guidance they must apply."},"kimi_summary":{"content_quality":"rejected","complexity_score":8,"rejection_reason":"The provided text is only a header/compilation notice containing contact details, copyright information, and commencement dates. It lacks the actual operative provisions of AASB 3 (definitions, recognition criteria, measurement rules, disclosure requirements, application guidance, etc.) necessary for substantive legal analysis.","scope_assessment":{"changed":false,"description":"This is a compilation of AASB 3 as originally made in 2015, updated for amendments. The scope remains consistent with the original intent: governing accounting for business combinations. The 2023 compilation date reflects routine updates to applicable periods and incorporated amendments, not an expansion of substantive scope."},"complexity_factors":["Adopts international IFRS 3 standards with Australian-specific modifications, creating dual-layer complexity","Extensive defined terms including 'business', 'control', 'fair value', 'non-controlling interest', and 'goodwill' with precise technical meanings","Multiple measurement periods and subsequent measurement rules for contingent consideration","Complex exceptions for specific transaction types (e.g., acquisitions of assets vs. businesses, mutual entities)","Detailed disclosure requirements spanning several paragraphs with conditional applicability","Interaction with other AASB standards (notably AASB 10, AASB 138, AASB 136) requiring cross-referencing","Application guidance and illustrative examples that are integral to proper interpretation","Specific rules for reverse acquisitions and business combinations achieved in stages (step acquisitions)"],"plain_english_summary":"AASB 3 sets rules for accounting for business combinations — how the buyer identifies the acquirer and acquisition date, measures acquired assets, liabilities and non‑controlling interests at fair value, and accounts for goodwill or bargain purchases.  \n\nIt applies to Australian entities preparing financial reports under the Corporations Act and matters to investors and regulators because it promotes transparent, comparable disclosure of what companies actually acquired in mergers and takeovers."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-3-business-combinations-august-2015","history":"/api/acts/aasb-3-business-combinations-august-2015/history","analysis":"/api/acts/aasb-3-business-combinations-august-2015/analysis","conflicts":"/api/acts/aasb-3-business-combinations-august-2015/conflicts","importantCases":"/api/acts/aasb-3-business-combinations-august-2015/important-cases","documents":"/api/acts/aasb-3-business-combinations-august-2015/documents"}}