BC429-BC432

BC429 SFAS 141(R) is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 15 December 2008, ie for 2009 financial statements. The IASB decided to provide a slightly later effective date. The revised IFRS 3 is effective for 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. The IASB made a commitment to its constituents that there would be a transition period of approximately 18 months between the publication date and the effective date of the revised IFRS 3 as part of its commitment to have a period of stability following the initial transition to IFRSs. The FASB decided to make SFAS 141(R) effective as soon as practicable, ie for 2009 financial statements. The FASB believes that that effective date provides sufficient time for entities and their auditors to analyse, interpret and pre

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