Changes to IFRS accounting standards for IFRS 3 Business Combinations and IAS 36 Impairment of Assets are being proposed. The Canadian Accounting Standards Board (“AcSB), a key stakeholder to the CBV community, is consulting the CBV community on these upcoming changes. They want to hear directly from and engage with CBVs involved in PPA and goodwill impairment work. Join a live discussion with staff of the AcSB and provide feedback on the recent IASB Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment as well as the AcSB’s Domestic Subsequent Measurement of Goodwill and Acquired Intangible Assets project. The new IASB proposals require companies to disclose better information about their acquisitions (including quantitative information about expected synergies), and propose changes to the impairment test, including to reduce goodwill shielding, and remove the requirement to calculate VIU on a pre-tax basis.
Domestically, the AcSB is also conducting public outreach to inform exposure draft proposals addressing challenges faced by private enterprises and not-for-profit organizations in recognizing intangible assets acquired in a business combination and the subsequent measurement of goodwill. Preparers highlighted complexities and costs in estimating fair values, along with challenges performing goodwill impairment tests. Initial feedback from the financial statement users of private enterprises and not-for-profit organizations has indicated that the current measurement of goodwill and quantitative information on some intangible assets may not be decision useful. The AcSB is seeking feedback as we develop proposals providing relief from recognizing intangible assets acquired in business combinations, and allowing entities to amortize goodwill.
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