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what is the difference between IFRS3 and IFRS10
That’s one I’ve never been asked before. And it’s highly improbable that you will be asked this in an F7 exam!
Is this post just a matter of satisfying your own curiosity?
The “smart” answer would be “7”!
IFRS 3 addresses the issue of business combinations without making any reference to consolidations
IFRS 10 addresses the issue of consolidation and extends, quite dramatically, the definition of control
Before IFRS 10 it was necessary for an acquiring entity to be able to control >50% of the voting rights of an acquiree. IFRS 10 changed that!
Do you really need any more than that?
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