Document ID: chunk:federal_register_of_legislation:F2023C00389:body:0:p54
Version: federal_register_of_legislation:F2023C00389
Segment Type: other
Provision Reference: 
Character Range: 144749–147582

earlier period it shall disclose that fact. The amendments shall be applied to contingent consideration balances arising from business combinations with an acquisition date prior to the application of this IFRS, as issued in 2008.
64E IFRS 10, issued in May 2011, amended paragraphs 7, B13, B63(e) and Appendix A. An entity shall apply those amendments when it applies IFRS 10.
64F IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraphs 20, 29, 33, 47, amended the definition of fair value in Appendix A and amended paragraphs B22, B40, B43–B46, B49 and B64. An entity shall apply those amendments when it applies IFRS 13.
64G Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 7 and added paragraph 2A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of Investment Entities is permitted. If an entity applies these amendments earlier it shall also apply all amendments included in Investment Entities at the same time.
65 Assets and liabilities that arose from business combinations whose acquisition dates preceded the application of this Standard shall not be adjusted upon application of this Standard.
68 This IFRS supersedes IFRS 3 Business Combinations (as issued in 2004).
B68 Paragraph 64 provides that this IFRS applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall apply this IFRS only at the beginning of an annual reporting period that begins on or after 30 June 2007. If an entity applies this IFRS before its effective date, the entity shall disclose that fact and shall apply IAS 27 (as amended in 2008) at the same time.

Basis for Conclusions on AASB 2008-11
This Basis for Conclusions accompanies, but is not part of, AASB 3. The Basis for Conclusions was originally published with AASB 2008-11 Amendments to Australian Accounting Standard – Business Combinations Among Not-for-Profit Entities.

Background
BC1 This Basis for Conclusions summarises the Australian Accounting Standards Board's (AASB) decisions in reaching the conclusions in this Standard. Individual Board members gave greater weight to some factors than to others.

Significant Issues
BC2 The AASB issued a revised AASB 3 Business Combinations in March 2008. At that time, the Board decided that the requirements of AASB 3 (March 2008) should only be available for early adoption by for-profit entities, until further work was undertaken on the implications of applying the requirements of AASB 3 (March 2008) to not-for-profit entities. Accordingly, the Board included in the Preface to AASB 3 (March 2008) the following