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On 31 March 2004 the International Accounting Standards Board (IASB) issued IFRS 3 “Business Combinations” (replacing IAS 22 “Business Combinations”). Accompanying revisions were also made to IAS 36 “Impairment of Assets” and IAS 38 “Intangible Assets”. Although differences remain, the new standards in this area achieve a high degree of convergence with US GAAP. FAS 141 “Business Combinations” and FAS 142 “Goodwill and Other Intangible Assets” in the US have already had important implications for brand owners and the way trademarks are valued and accounted for. For the first time, trademarks and other acquired intangibles had to be separately recognised on…

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