IFRS 3 Business Combinations (IFRS 3) was last revised in 2008, and in 2013 and 2014 the International Accounting Standards Board (IASB) carried out a post-implementation review of the standard to assess whether it was working as the standard setter intended.

The findings were summarised in the Report and Feedback Statement Post Implementation Review of IFRS 3 Business Combinations issued in 2015. As a result, the Definition of a Business (Amendments to IFRS 3) was issued in 2018 clarifying and narrowing the definition of a business. Furthermore, the IASB set up a research project focused on common control which is still in progress.