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Final stage

On 10 January 2008, the International Accounting Standards Board issued a revised version of IFRS 3 Business Combinations and an amended version of IAS 27 Consolidated and Separate Financial Statements. The new requirements have an effective date of 1 July 2009, but earlier adoption is permitted.

The project was undertaken with the US Financial Accounting Standards Board (FASB). The FASB’s equivalents to IFRS 3 and IAS 27 are SFAS 141(R) Business Combinations and SFAS 160 Noncontrolling Interests in Consolidated Financial Statements. Those standards are available on the FASB website.