[llustrative Checklist] Disclosure Requirements under Ind AS 103 | Business Combinations
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
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- Last Updated on 23 March, 2023
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The objective of Ind AS 103, Business Combinations, is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. To accomplish that, this Ind AS establishes principles and requirements for how the acquirer, (a) recognises and measures in its financial statements the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquire (b) recognises and measures the goodwill acquired in the business combination or a gain from a bargain purchase (c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This story discusses the stipulation in relation to disclosure requirements under Ind AS 103.
I. Whether information has been disclosed by an entity in a way which enables users of its financial statements to evaluate the financial effects of adjustments recognised in the current reporting period that relate to business combinations that occurred in the period or previous reporting periods
II. If the specific disclosures required by this and other Ind AS do not meet the objectives set out in para 59 & 61 of Ind AS 103, then whether the entity has disclosed whatever additional information necessary to meet those objectives has been provided
III. For individually immaterial business combinations occurring during the reporting period that are material collectively, whether aggregate disclosure has been given about the information required by para B64(e)– (q) of Ind AS 103.
IV. Whether the entity has disclosed the information which enables users of its financial statements to evaluate the nature and financial effect of a business combination that occurs either:
a) during the current reporting period
b) after the end of the reporting period but before the financial statements are approved for issue
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