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Business Combinations Under Common Control (Part 1), Pearl Hock-Neo Tan, Chu Yeong Lim, Tracey Chunqi Zhang
Business Combinations Under Common Control (Part 1), Pearl Hock-Neo Tan, Chu Yeong Lim, Tracey Chunqi Zhang
Research Collection School Of Accountancy
In a business combination under common control (BCUCC) the same party (or parties) ultimately controls the combining entities both before and after the business combination and this control is not transitory. BCUCC is not governed by any International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB). The IASB is undertaking a research project in response to stakeholder feedback of the diversity in accounting practice and released a Discussion Paper (DP) in November 2020 that sets out the Board’s preliminary views on reporting requirements. Our paper contributes to the discussion by proposing a contextual approach in determining …