BC434G Reference to the Conceptual Framework, issued in May 2020, updated paragraph 11 of IFRS 3, replacing a reference to the Framework with a reference to the 2018 Conceptual Framework. It made further amendments to avoid unintended consequences of updating the reference.
BC434H Paragraph 64Q of IFRS 3 requires an entity to apply these amendments prospectively. It also permits an entity to apply the amendments before their effective date, without disclosing that it has done so. The IASB concluded that no significant benefits would be gained from requiring either retrospective application or disclosure of early application. The IASB reached this conclusion because it did not expect the amendments to change significantly the population of assets and liabilities recognised in a business combination.