ICAI FAQs on Ind AS-103-Business Combinations, Education Material by the Ind AS Implementation Group
The Ind AS Implementation Group of ICAI has come out with an Educational Material on Ind AS-103, Business Combinations. The said education material is in the form of Frequently Asked Questions (FAQs) which explains the principles enunciated in the Accounting Standard-103.
This Standard lays down the principles for accounting of business combinations by acquisitions/ mergers. It also deals with accounting for combination of entities or businesses under common control.
The Material contains a summary of Ind AS 103 detailing the key requirements of the Standard and 46 FAQs covering various issues that are likely to arise frequently while implementing the Standard.
However, it should be noted that the views expressed in the publication are the views of the Ind AS Implementation Group and are not necessarily the views of the Council of the ICAI. As per the publication, the very purpose of the material is to provide guidance for implementing this Ind AS effectively by explaining the principles enunciated in the Standard with the help of examples. However, while applying Ind AS in a practical situation, reference should be made to the full text of the Standards.
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