As noted in this press release, the IASB completed the second phase of its business combinations project last week by issuing a revised version of IFRS 3 and an amended version of IAS 27. Here is an explanation of how IFRS 3 and IAS 27 have been changed (unfortunately, you have to pay to see the new standards). And here is an explanation of how these revised standards differ from US GAAP.
The new requirements take effect on July 1st, 2009, although entities are permitted to adopt them earlier. Here is a related article from CFO.com.
We have just announced a webcast – “The New Business Combination Accounting” – during which partners from KPMG’s and PwC’s National Office, among others, will discuss the new FASB and IASB business combination rules.