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Unformatted text preview: from a bargain purchase; and c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination (IFRS, 2011). This information is used to evaluate the character and financial effect that business combinations have on current reporting periods or reporting periods that have already passed. After the business combination is reported, any adjustments that were recognized in the current reporting period that relate to business combinations must be disclosed. With all the business combinations around the implementation of this standard would greatly impact the reporting procedures of current businesses. They would have to disclose whether an impact on the financial statement occurred because of the business combination or not....
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- Spring '11