Accounting Standard AASB 3 Business Combinations as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2018. It takes into account amendments up to and including 21 January 2015 and was prepared on 20 March 2015 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 3 (March 2008) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 3
6 Mar 2008
(beginning) 1 Jul 2009
see (a) below
AASB 2008-11
13 Nov 2008
(beginning) 1 Jul 2009
see (b) below
AASB 2009-11
7 Dec 2009
(beginning) 1 Jan 2018
see (c) below
AASB 2010-3
23 Jun 2010
(beginning) 1 Jul 2010
see (d) below
AASB 2010-2
30 Jun 2010
(beginning) 1 Jul 2013
see (e) below
AASB 2010-5
27 Oct 2010
(beginning) 1 Jan 2011
see (f) below
AASB 2010-7
6 Dec 2010
(beginning) 1 Jan 2018
see (g) below
AASB 2011-7
29 Aug 2011
(beginning) 1 Jan 2013
see (h) below
AASB 2011-8
2 Sep 2011
(beginning) 1 Jan 2013
see (i) below
AASB 2012-1
21 Mar 2012
(beginning) 1 Jul 2013
see (j) below
AASB 2013-5
14 Aug 2013
(beginning) 1 Jan 2014
see (k) below
AASB 2013-9
20 Dec 2013
Pt A (ending) 20 Dec 2013Pt B (beginning) 1 Jan 2014
see (l) belowsee (m) below
AASB 2014-1
4 Jun 2014
Pt A (beginning) 1 Jul 2014Pt E (beginning) 1 Jan 2018
see (n) belowsee (o) below
AASB 2014-5
12 Dec 2014
(beginning) 1 Jan 2017
see (p) below
AASB 2014-7
17 Dec 2014
(beginning) 1 Jan 2018
see (q) below
AASB 2015-1
21 Jan 2015
(beginning) 1 Jan 2016
see (r) below
(a) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 July 2009, provided that AASB 127 Consolidated and Separate Financial Statements (March 2008) is also applied to such periods. This early application provision was subsequently amended by AASB 2008-11.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 July 2009, provided that AASB 127 Consolidated and Separate Financial Statements (March 2008) is also applied to such periods.
(c) AASB 2009-11 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.
Entities may elect to apply the amendments in this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 (2009) Financial Instruments is also applied to such periods.
(d) Entities may elect to apply the amendments to AASB 3 in this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 July 2010.
(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.
(f) Entities may elect to apply the amendments to AASB 3 in this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 January 2011.
(g) AASB 2010-7 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.
Entities may elect to apply the amendments in this Standard as set out in paragraph 6 of AASB 2010-7.
(h) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012).
For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-for-profit entities to annual reporting periods beginning on or after 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods
(i) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).
Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.
(j) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards, AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 are also applied to such periods.
(k) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.
(l) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 20 December 2013, provided that AASB CF 2013-1 Amendments to the Australian Conceptual Framework and AASB 1048 Interpretation of Standards (December 2013) are also applied to the such periods.
(m) Early application of Part B of this Standard is not permitted.
(n) Entities may elect to apply Part A of this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2014.
(o) Entities may elect to apply Part E of this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 Financial Instruments (2009) or AASB 9 Financial Instruments (2010) is also applied to such periods.
(p) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied to such periods.
(q) Entities may elect to apply this Standard to annual reporting periods beginning on or after 24 July 2014 but before 1 January 2018, provided that AASB 9 Financial Instruments (2014) is also applied to such periods.
(r) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.
Appendix A, definition of ‘contingent consideration’
amended
AASB 2014-1A [34]
Appendix A, definition of ‘control’
deleted
AASB 2011-7 [19]
Appendix A, definition of ‘fair value’
amended
AASB 2011-8 [12]
B13
amended
AASB 2011-7 [20]
B22
amended
AASB 2011-8 [20]
B40
amended
AASB 2011-8 [20]
B41
amended
AASB 2014-7 [20]
B43-B46
amended
AASB 2011-8 [20]
B49
amended
AASB 2011-8 [20]
B56
amended
AASB 2010-3 [7]
B62A (and preceding heading)
added
AASB 2010-3 [7]
B62B
addedamended
AASB 2010-3 [7]AASB 2010-5 [16]
B63
amended
AASB 2011-7 [20]
B64
amended
AASB 2011-8 [20]
RDRB65.1
added
AASB 2010-2 [16]
RDRB67.1
added
AASB 2010-2 [16]
B68
amended
AASB 2013-9B [45]
AusB68
renumbered as B68
AASB 2013-9B [45]
Basis for Conclusions on AASB 2008-11
The Basis for Conclusions accompanying AASB 2008-11 Amendments to Australian Accounting Standard – Business Combinations Among Not-for-Profit Entities is attached to this compiled Standard.