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In March 2013, The IFRS Interpretations Committee (IFRIC) discussed the issue of accounting for reverse acquisitions where the acquiree does not constitute a business.
The IFRIC concluded that IFRS 2
Share-based Payment should be applied to account for these reverse acquisitions. The resulting difference between the consideration paid by the acquirer and the fair value of the acquiree's identifiable assets and liabilities is considered a listing expense. IFRIC believes the standards are clear and, as a result, no further action will be needed.
For full text of the March 2013 IFRIC decision summary, click
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of May 28, 2014. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2014. All rights reserved.
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