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UKSA and ShareSoc policy teams were contacted, as rated by the IASB and for providing useful feedback on accounting standards, to provide further input to their goodwill and impairment project

Dean Buckner, Mohammed Amin and Charles Henderson met the IASB Staff on 23rd November in response to a request for input on their goodwill and impairment project. We were asked as a result of our response at the end of 2020 to the IFRS 3 Business Combinations post implementation review consultation. They provided a paper and we gave them our feedback on it, which in summary was:

  • A repeat of the main messages in our original submission
  • Concerns that using commercial sensitivity as a get out of disclosing useful information
  • Agreement with their thinking in respect of disclosures, requiring companies to disclose:
    • management’s objectives for an acquisition;
    • the metrics that management will use to monitor whether the objectives of the acquisition are being met;
    • the extent to which management’s objectives for the acquisition are being met in subsequent reporting periods, using those metrics.
    • The metrics that an entity would be expected to disclose in the period of acquisition and that are monitored in future years are those that the entity’s management is using internally to monitor the performance of the business combination.
    • The reasons for no longer providing acquisition monitoring information
  • A suggestion that the required disclosures must reflect the information provided to shareholders in any regulatory required shareholder approval of an acquisition, such as a Class 1 action in the UK; and, if such shareholder approval is not required, equivalent disclosures
  • An emphasis of the concern that disclosures do not adequately provide sufficient disaggregated goodwill arising, impairment and amortisation information over time.



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