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Difference between AS 14 and Ind AS 103

Open uri20170510 32134 1ue0f38?1494421710 asked

What is the Difference between AS 14 and Ind AS 103 Business Combinations

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Ind AS 103 defines business combination which has a wider scope whereas the existing AS 14 deals only with amalgamation. (Appendix A of Ind AS 103 and Paragraph 1 of existing AS 14) - Under the existing AS 14 there are two methods of accounting for amalgamation. The pooling of interest method and the purchase method. Ind AS 103 prescribes only the acquisition method for each business combination. (Paragraph 7 of existing AS 14 and paragraph 4 of revised AS 14) - Under the existing AS 14, the acquired assets and liabilities are recognized at their existing book values or at fair values under the purchase method. Ind AS 103 requires the acquired identifiable assets liabilities and non-controlling interest to be recognized at fair value under acquisition method. (Paragraph 12 of existing AS 14 and paragraphs 18-19 of Ind AS 103) - Ind AS 103 requires that for each business combination, the acquirer shall measure any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. On other hand, the existing AS 14 states that the minority interest is the amount of equity attributable to minorities at the date on which investment in a subsidiary is made and it is shown outside shareholders’ equity. (Paragraph 13 (e) of existing AS 21 and paragraph 19 of Ind AS 103) - Under Ind AS 103, the goodwill is not amortized but tested for impairment on annual basis in accordance with Ind AS 36.The existing AS 14 requires that the goodwill arising on amalgamation in the nature of purchase is amortized over a period not exceeding five years. (Paragraph 19 of existing AS 14 and paragraphs B63 (a) of Appendix B of Ind AS 103) - Ind AS 103 deals with reverse acquisitions whereas the existing AS 14 does not deal with the same. (Paragraph B 19-B27 of Ind AS 103)

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Picsjoin 2017224123730582 answered

Hie Rohit, **Difference between Ind AS 103 on Business Combinations and existing AS 14 on Accounting for Amalgamations :-** 1. Ind AS 103 defines business combination which has a wider scope whereas the existing AS 14 deals only with amalgamation. (Appendix A of Ind AS 103 and Paragraph 1 of existing AS 14) 2. Under the existing AS 14 there are two methods of accounting for amalgamation. The pooling of interest method and the purchase method. Ind AS 103 prescribes only the acquisition method for each business combination. (Paragraph 7 of existing AS 14 and paragraph 4 of revised AS 14) 3. Under the existing AS 14, the acquired assets and liabilities are recognized at their existing book values or at fair values under the purchase method. Ind AS 103 requires the acquired identifiable assets liabilities and non-controlling interest to be recognized at fair value under acquisition method. (Paragraph 12 of existing AS 14 and paragraphs 18-19 of Ind AS 103) 4. Ind AS 103 requires that for each business combination, the acquirer shall measure any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. On other hand, the existing AS 14 states that the minority interest is the amount of equity attributable to minorities at the date on which investment in a subsidiary is made and it is shown outside shareholders’ equity. (Paragraph 13 (e) of existing AS 21 and paragraph 19 of Ind AS 103) 5. Under Ind AS 103, the goodwill is not amortized but tested for impairment on annual basis in accordance with Ind AS 36.The existing AS 14 requires that the goodwill arising on amalgamation in the nature of purchase is amortized over a period not exceeding five years. (Paragraph 19 of existing AS 14 and paragraphs B63 (a) of Appendix B of Ind AS 103) (vi) Ind AS 103 deals with reverse acquisitions whereas the existing AS 14 does not deal with the same. (Paragraph B 19-B27 of Ind AS 103)

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