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ICI » Topics » IFRS 3 - Business combinations

This excerpt taken from the ICI 6-K filed Mar 16, 2005.
IFRS 3 – Business combinations
The Group will adopt the exemption in IFRS 1 to apply IFRS 3 prospectively from the transition date and thus not to restate business combinations prior to this date. The Group has not undertaken any significant acquisitions since the transition date. The impact on the financial statements of adopting this standard is the cessation of amortisation of goodwill, which instead will be tested for impairment on transition, and annually thereafter.

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