Definition of business clarified: inputs plus substantive processes rule, adds concentration test and related disclosure reforms. Amendments revise the Ind AS framework: the definition of business requires an integrated set of inputs and substantive processes (with outputs not always required) and permits an optional concentration test to determine when an acquired set of activities and assets is not a business. Detailed criteria are provided to assess substantive processes for assets with or without outputs. Separate amendments provide temporary hedge accounting exceptions and disclosure requirements for interest rate benchmark reform, a practical expedient and disclosure for covid-19 related rent concessions for lessees, and a revised definition of material aligned across Ind AS 1 and Ind AS 8.
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Definition of business clarified: inputs plus substantive processes rule, adds concentration test and related disclosure reforms.
Amendments revise the Ind AS framework: the definition of business requires an integrated set of inputs and substantive processes (with outputs not always required) and permits an optional concentration test to determine when an acquired set of activities and assets is not a business. Detailed criteria are provided to assess substantive processes for assets with or without outputs. Separate amendments provide temporary hedge accounting exceptions and disclosure requirements for interest rate benchmark reform, a practical expedient and disclosure for covid-19 related rent concessions for lessees, and a revised definition of material aligned across Ind AS 1 and Ind AS 8.
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