The International Accounting Standards Board (IASB) is seeking feedback on the implementation of IFRS 3, Business Combinations, in order to find out whether it is working as intended.

The standards-setter wants to know whether IFRS 3 provides information that is useful to users of financial statements, whether there are areas of the standard that represent implementation challenges and whether unexpected costs have arisen when preparing, auditing or enforcing the requirements of the standard.

The IASB will also undertake a range of outreach activities in various jurisdictions around the globe where IFRS has been adopted, to gather further feedback on the effect of implementing IFRS 3.

Hans Hoogervorst, IASB chairman, said: 'This request for information (RfI) will be invaluable in helping us learn whether IFRS 3 is being implemented on a consistent basis. The feedback we receive will also help us understand whether any unintended consequences have arisen following its introduction. We look forward to receiving comments from across the IFRS community.'

The IASB is required to conduct a post-implementation review of each new standard or major amendment. This normally begins after the new requirements have been applied internationally for two years, which is generally about 30-36 months after the effective date.

The IFRS 3 RfI is open for public consultation until 30 May 2014 and is available HERE