Comparison with IFRS 3

AASB 3 and IFRS 3

AASB 3 Business Combinations as amended incorporates IFRS 3 Business Combinations as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IFRS 3) are identified with the prefix “Aus” or “RDR”, followed by the number of the preceding IASB paragraph and decimal numbering.

Compliance with IFRS 3

For-profit entities that comply with AASB 3 as amended will simultaneously be in compliance with IFRS 3 as amended.

Not-for-profit entities using the added “Aus” paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IFRS 3. Whether a not-for-profit entity will be in compliance with IFRS 3 will depend on whether the “Aus” paragraphs provide additional guidance for not-for-profit entities or contain requirements that are inconsistent with the corresponding IASB Standard and will be applied by the not-for-profit entity.

Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements will not be in compliance with IFRS 3.