Amendments to AASB 3Amendments to AASB 3

Amendments to AASB 3

18 Paragraph 7 is amended (new text is underlined and deleted text is struck through) and paragraph 64E is added as follows:

7 The guidance in AASB 127 AASB 10 Consolidated Financial Statements shall be used to identify the acquirer – the entity that obtains control of another entity, i.e. the acquiree. If a business combination has occurred but applying the guidance in AASB 127 AASB 10 does not clearly indicate which of the combining entities is the acquirer, the factors in
paragraphs B14-B18 shall be considered in making that determination.

64E AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 7, B13, B63(e) and Appendix A. An entity shall apply those amendments when it applies AASB 10.

19 In Appendix A, the definition of ‘control’ is deleted.

20 Paragraphs B13 and B63(e) are amended as follows (new text is underlined and deleted text is struck through):

B13 The guidance in AASB 127 AASB 10 Consolidated and Separate Financial Statements shall be used to identify the acquirer – the entity that obtains control of the acquiree. If a business combination has occurred but applying the guidance in AASB 127 AASB 10 does not clearly indicate which of the combining entities is the acquirer, the factors in paragraphs B14‑B18 shall be considered in making that determination.

B63 Examples of other Australian Accounting Standards that provide guidance on subsequently measuring and accounting for assets acquired and liabilities assumed or incurred in a business combination include:

(a) …

(e) AASB 127 (as amended in March 2008) AASB 10 provides guidance on accounting for changes in a parent’s ownership interest in a subsidiary after control is obtained.