Comment on the proposed revisions to the Standards of GRAP on transfers of functions and mergers

We need your feedback on the proposed revisions to the Standards of GRAP issued by the ASB:

• Standards of GRAP on Transfer of Functions Between Entities Under Common Control (GRAP 105) and Transfer of Functions Between Entities Not Under Common Control (GRAP 106). Among others, the proposed changes include an optional test to assess whether a transferred set of activities and assets and/or liabilities is a function. Guidance is also proposed to assess if a transferred process is substantive where the transferred set of activities, assets and/or liabilities does not have outputs.
• Standard of GRAP on Mergers (GRAP 107). The proposed changes include additional exceptions to the recognition and measurement principles and new disclosures for the combined entity and combining entities.

Comment on these revisions are due by 15 July 2023. Access the Exposure Drafts.