Accounting for Business Combinations
A ‘business combination’ is a transaction or other event in which an acquirer obtains control of one or more businesses. IFRS 3 Business Combinations is the standard which deals with these types of acquisitions and it introduces the ‘acquisition method’ (also known as the purchase price allocation method) which describes in detail the requirements on how to account for these acquisitions, including determining the date of acquisition, identifying and measuring the consideration transferred and the identifiable assets and liabilities assumed, measurement of non-controlling interests, and recognition of any resulting goodwill. In this IFRS Suite session we shall be discussing the definition of a ‘business’ and delving into all of the steps of the acquisition method. We shall also be introducing IFRS 13: Fair Value Measurement as IFRS 3 references fair value in many of its requirements under the acquisition method, making it a complimentary standard to discuss during this session.
The session is aimed for accounting professionals and financial controllers.
By the end of the session participants would be knowledgeable of the key concepts set out in IFRS 13 and would be able to understand the acquisition method under IFRS 3.
Basic knowledge on financial reporting is recommended.
Time: 14:00 – 16:15
Venue: Live online session – details of how to join the meeting will be sent once registration is complete
CPE Hours: This course qualifies for 2 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.
Introduction by Jonathan Dingli, Partner, Advisory Services, KPMG in Malta
Jonathan leads a team of professionals within the Accounting Advisory Services (AAS) Team at KPMG in Malta. At KPMG, Jonathan has assisted various clients, both local and international with respect to IFRS advice and IFRS adoption. He was responsible for advising a multi-national group of over 150 subsidiaries in its adoption of IFRS and the preparation of the group’s first IFRS consolidated financial statements. Before returning to KPMG, Jonathan set up the Malta Institute of Accountants’ Technical Department which he led for seven years. During his term of office Jonathan wrote a number of technical pronouncements on the application of IFRS to specific local circumstances, was responsible for the drafting of GAPSE (an accounting standard for Maltese SMEs), and he also represented the Institute on local and international fora. Before joining the Institute, Jonathan also worked for a number of years with KPMG in Malta and in Dublin during which he was assigned on a number of audits of high level clients both locally and overseas. Jonathan was the editor of the MIA journal the Accountant for seven years. Jonathan has been specialising in IFRS since 2008; he has lectured on IFRS in various countries, ran various IFRS courses for KPMG and the Malta Institute of Accountants and has given presentations at various events and conferences. He lectures on advanced financial reporting in the Master in Accountancy post-graduate degree at the University of Malta.
Georges Xuereb, Senior Manager, Accounting Advisory Services, KPMG in Malta
Georges provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients in the preparation of separate and consolidated financial statements in accordance with IFRS or GAPSME, including groups operating in sectors such as manufacturing, logistics, gaming, international business, construction, and financial services. His area of focus in these diverse industries includes IFRS consolidations and implementation of recently issued IFRSs such as IFRS 16 Leases, IFRS 15 Revenue from Contracts with Customers, and IFRS 9 Financial Instruments for non-financial institutions. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. He has also developed an IFRS 16 Leases tool to assist clients in transitioning to the new leases standard, with focus on automation and timely reporting. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivers lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.
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- Guided Learning 2 Hours
- Language English
- Assessments Not Applicable