The revised Conceptual Framework is accompanied by a Basis for Conclusions. Terms of Use | Privacy | Cookies | Deloitte.cz. Die Indossierung ist am 29. add to IFRS 3 an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination. 2. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework) at the same time or earlier. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Amendments to References to the Conceptual Framework in IFRS Standards—Amendments to IFRS Standards is issued by the International Accounting Standards Board (Board). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) IFRS Standards together with their accompanying documents are issued by the International Accounting Standards Reference to the Conceptual Framework Proposed amendments to IFRS 3. Conceptual Framework in IFRS Standards, and paragraph 139T is added. On 29 November 2019, Amendments to References to the Conceptual Framework in IFRS Standards were endorsed by the European Commission for use in the European Union. The International Accounting Standards Board’s (the IASB or the Board) amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989 with a reference to the Conceptual Framework for Financial Reporting, that was issued in March 2018, without significantly changing its requirements. Amendments to References to the Conceptual Framework in NZ IFRS – This version is effective for reporting periods beginning on or after 1 Jan 2020 (early adoption permitted) Date of issue: May 2018 The Board has also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. The proposals may be modified … Reference to the Conceptual Framework (Proposed amendments to IFRS 3) Summary The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IFRS 3 Business Combinations . Framework for the Preparation and Presentation of Financial Statements. Der IASB hat am 14. Potential conflicts occur as the definition of assets and liabilities in the 2018 Framework differ from those in the 1989 Framework potentially leading to day 2 gains or losses post-acquisition for some balances recognised. The Basis for Conclusions summarises the IASB s considerations in developing the IFRS Conceptual Framework and IFRS Standards. Exposure Draft Reference to the Conceptual Framework Proposed amendments to IFRS 3 Comments to be received by 27 September 2019. The Conceptual Framework for Financial Reporting (March 2018) + Amendments to References to the Conceptual Framework in IFRS Standards (March 2018). As FRSs are based on International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from the ASC and the IFRS Foundation with regard to FRSs and IFRS Standards, respectively. Amendments to References to the Conceptual Framework. Amendments to References to the Conceptual Framework in IFRS Standardsis issued by the International Accounting Standards Board (the Board). The amendments updated IFRS 3 by replacing a reference to an old version of the Board’s Conceptual Framework for Financial Reporting with a reference to the latest version, which was issued in … Please see www.deloitte.com/cz/about to learn more about our global network of member firms. In most cases, the standard references are updated to refer to the revised Conceptual Framework. This version replaces the Conceptual Framework issued in 2010 (2010 Conceptual Framework). The International Accounting Standards Board (Board) has today published for public consultation proposed narrow-scope amendments to IFRS 3 Business Combinations. Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise to any person in respect of any claims or Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. The objective of the Amendments is to update references to and quotes from the Conceptual Framework in IFRS Standards so that they refer to the revised Conceptual Framework for Financial Reporting (‘the revised Conceptual Framework’) issued by the IASB on 29 March 2018. That document updates references to previous versions of the Conceptual Framework EFRAG requested comments on its draft assessment by 14 September 2018. However, paragraph 11 of IFRS 3 Business Combinations, which continued to refer to the 1989 Framework, was not updated as this could have caused conflicts for entities applying IFRS 3. New text is underlined and deleted text is struck through. From 1 January 2021, an amendment to Act No. Financial Reporting Standard Amendments to References to the Conceptual Framework in IFRS Standards by the International Accounting Standards Board (IASB) in March 2018. In order to do so, EFRAG has been carrying out an assessment of the Amendments against the technical criteria for … Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. Amendments to References to the Conceptual Framework for Financial Reporting (Conceptual Framework) in HKFRSs. © 2020. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Follow us on social media. Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Amendments to References to the Conceptual Framework for Financial Reporting (Conceptual Framework) in HKFRSs. In October 2020, Deloitte published a new piece of the roadmap accounting series on US GAAP related topics, which discusses the area of accounting for contingencies, loss recoveries and guarantees. Amendments to References to the Conceptual Framework in IFRS Standards—Amendments to illustrative examples, implementation guidance and IFRS practice statementsis issued by the International Accounting Standards Board (Board). Once entered, they are only For more information see Terms of Use. Änderungen an IFRS 3 – Verweis auf das Rahmenkonzept 2018. The International Accounting Standards Board’s (the IASB or the Board) amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989 with a reference to the Conceptual Framework for Financial Reporting, that was issued in March 2018, without significantly changing its requirements. The changes in Reference to the Conceptual Framework (Amendments to IFRS 3): The amendments published today are effective for annual periods beginning on or after 1 January 2022. Änderungen an IFRS 3 – Verweis auf das Rahmenkonzept 2018. hyphenated at the specified hyphenation points. This Framework contains the IFRS Foundation copyright material. Amendments to References to the Conceptual Framework in IFRS Standardsdid not amend the guidance on classification of financial instruments in IFRS 2. We are online. Mai 2020 Änderungen an IFRS 3 Reference to the Conceptual Framework (Amendments to IFRS 3) veröffentlicht.Die Änderungen umfassen: eine Aktualisierung der Querverweise in IFRS 3 auf das überarbeitete Rahmenkonzept. The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IFRS 3 Business Combinations.. The Board has also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Amendments to References to the Conceptual Framework in IFRS Standards, issued in 2018, amended [paragraph number or footnote reference]. The International Accounting Standards Board’s (the IASB or the Board) amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989 with a reference to the Conceptual Framework for Financial Reporting, that was issued in March 2018, without significantly changing its requirements. Framework for the Preparation and Presentation of Financial Statements. Amendments to References to the Conceptual Framework in IFRS Standards EFRAG has been asked by the European Commission to provide it with advice and supporting material on Amendments to References to the Conceptual Framework in IFRS Standards (‘the Amendments’). The following are the revised Conceptual … ... 63E AASB 2019-1 Amendments to Australian Accounting Standards –References to the Conceptual Framework, issued in 2019, added paragraph AusCF1 and amended the footnote to the definition of an equity instrument in Appendix A. News and trends from key areas we are dedicated to at Deloitte. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Reference to the Conceptual Framework (Proposed amendments to IFRS 3) Summary The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IFRS 3 Business Combinations . On 29 November 2019, Amendments to References to the Conceptual Framework in IFRS Standards were endorsed by the European Commission for use in the European Union. This edition addresses the proposed amendments to IFRS 3 Business Combinations set out in Exposure Draft ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3) (the ‘ED’) that has been published by the International Accounting Standards Board (IASB) in May 2019. To achieve transition for preparers who develop accounting policies by reference to the Conceptual Framework, the Board also issued Amendments to References to the Conceptual Framework in IFRS Standardsin 2018. We informed you in detail about Conceptual Framework and related amendments to references in the Accounting News in Juneand July2018. 90/2012 Coll., on Business Corporations and Cooperatives (Business Corporations Act), which brings a number of changes, will take effect. Amendments to IFRS 3 - Reference to the Conceptual Framework . Main features of this Standard Main requirements This Standard sets out amendments to Australian Accounting Standards, Interpretations and other pronouncements to reflect the issuance of the Conceptual Framework for … The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2020). Recognition exception for liabilities and contingent liabilities within the scope of IAS 37 or IFRIC 21 . The document contains amend­ments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, … Sources: www.iasplus.com, Amendments to References to the Conceptual Framework. Conceptual Framework . Framework, Foundation and Process Amendments to References to the Conceptual Framework in IFRS Standards – Amendments to bases for conclusions on IFRS Standards and IFRS … DTTL and each of its member firms are legally separate and independent entities. Conceptual Framework for Financial Reporting. Together with the revised Conceptual Framework, the IASB has also issued Amend­ments to Ref­er­ences to the Conceptual Framework in IFRS Standards. As FRSs are based on International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from the ASC and the IFRS Foundation with regard to FRSs and IFRS Standards, respectively. Amendments to References to the Conceptual Framework in IFRS Standards, issued 21in 2018, amended the footnote to the definition of an equity instrument in Appendix A. The objective of this project is to update the reference in IFRS 3 to The Framework for the Preparation and Presentation of Financial Statements with the revised Conceptual Framework for Financial Reporting. Conceptual Framework in IFRS Standards, and paragraph 139T is added. Marked-up Text Earlier adoption of Amendments is permitted. Conceptual Framework for Financial Reporting. 63E Amendments to References to the Conceptual Framework in NZ IFRS, issued in 2018, amended the footnote to the definition of an equity instrument in Appendix A. IASB proposes to update references to the Conceptual Framework in IFRS 3 2 This Edition addresses the proposed amendments to IFRS 3 Business Combinations set out in Exposure Draft ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3) (the µED¶) that has been published by the International Accounting Standards Board (IASB) in May 2019. For reasons described in the Appendices to this letter, the IASB decided not to update references in two particular cases. Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any An exception is proposed for liabilities and contingent liabilities that would be in the scope of IAS 37 or IFRIC 21 if acquired separately. References to the Conceptual Framework in IFRS Standards. However, there are two exemptions, one for IFRS … Betroffen sind IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22 und SIC 32. Orig­i­nally, IFRS 3 re­quired an en­tity to re­fer to the ver­sion of the Con­cep­tual Frame­work that ex­isted when IFRS 3 was de­vel­oped. Mai 2020 Änderungen an IFRS 3 Reference to the Conceptual Framework (Amendments to IFRS 3) veröffentlicht.Die Änderungen umfassen: eine Aktualisierung der Querverweise in IFRS 3 auf das überarbeitete Rahmenkonzept. EFRAG has been asked by the European Commission to provide it with advice and supporting material on Amendments to References to the Conceptual Framework in IFRS Standards (‘the Amendments’). Do you have an idea for improvement? adopted by the Board in 2001 or the . Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018) and Definition of Material (Amendments to IAS 1 and IAS 8) (issued October 2018). Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018) and Definition of Material (Amendments to IAS 1 and IAS 8) (issued October 2018). The 2018 Conceptual Framework is effective for annual reporting periods beginning on or after 1 January 2020. Exposure Draft ED/2015/4 Updating References to the Conceptual Framework (Proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32) is published by the International Accounting Standards Board (IASB) for comment only. Therefore the Board does not expect the amendment to the footnote in IFRS 2 to have a significant effect on the application of this Standard. Earlier application is permitted if at the same time an entity also applies all other amendments made by Amendments to References … Amendments to References to the Conceptual Framework in IFRS Standards—Amendments to illustrative examples, implementation guidance and IFRS practice statements is issued by the International Accounting Standards Board (Board). This site uses cookies to provide you with a more responsive and personalised service. Conceptual Framework. On 14 May 2020, the International Accounting Standards Board (IASB) published 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 Business Combinations that update an outdated reference in IFRS 3 without significantly changing its requirements. … The International Accounting Standards Board (IASB) has published an exposure draft 'Reference to the Conceptual Framework (Proposed amend­ments to IFRS 3)' with three proposed amend­ments to IFRS 3 'Business Com­bi­na­tions' that would update an outdated reference in IFRS 3 without sig­nif­i­cantly changing its re­quire­ments. Exposure Draft ED/2019/3 Reference to the Conceptual Framework is published by the International Accounting Standards Board (Board) for comment only. Some existing International Financial Reporting Standards (IFRS) contain references to, and quotes from, the existing version of the. Amendments to References to the Conceptual Framework in IFRS Standards (March 2018), which was issued at the same time as the 2018 . The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. Amendments to References to the Conceptual Framework in IFRS Standards | IFRS Foundation | ISBN: 9781911629009 | Kostenloser Versand für alle Bücher mit Versand und Verkauf duch Amazon. Das ARC hat der Indossierung im August 2019 zugestimmt. IASB proposes to update references to the Conceptual Framework in IFRS 3 2 This Edition addresses the proposed amendments to IFRS 3 Business Combinations set out in Exposure Draft ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3) (the µED¶) that has been published by the International Accounting Standards Board (IASB) in May 2019. On 29 March 2018, the IASB issued Amendments to References to the Conceptual Framework in IFRS Standards ('the Amendments'). Conceptual Framework in IFRS Standards so that they refer to the revised Conceptual Framework for Financial Reporting (‘the revised Conceptual Framework’) issued by the IASB on 29 March 2018. The proposals may be modified … References to the Conceptual Framework Overview of the Accounting Standard. The Conceptual Framework for Financial Reporting (March 2018) + Amendments to References to the Conceptual Framework in IFRS Standards (March 2018). Amendments to References to the Conceptual Framework in IFRS Standards. New text is underlined and deleted text is struck through. Conceptual Framework. By using this site you agree to our use of cookies. Therefore the Board does not expect the amendment to the footnote in IFRS 2 to have a significant effect on the application of this Standard. The amendments, where they actually are updates, are effective for annual periods beginning on or after 1 January 2020, with early application permitted. Deloitte refers to one or more entities of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. The following are the revised Conceptual … Amendments to References to the Conceptual Framework in IFRS Standards, issued 21in 2018, amended the footnote to the definition of an equity instrument in Appendix A. The proposals may be modified … Further amendments to IFRS 3, Business Combinations, update references in IFRS 3 to the revised 2018 Conceptual Framework. Amendments to References to the Conceptual Framework in IFRS Standardsis issued by the International Accounting Standards Board (the Board). The use of the Basis for Conclusions is subject to the IFRS Foundation s Terms and Conditions as if they are materials on the IFRS Foundations website. The International Accounting Standards Board (IASB) has published 'Reference to the Conceptual Framework (Amend­ments to IFRS 3)' with amend­ments to IFRS 3 'Business Com­bi­na­tions' that update an outdated reference in IFRS 3 without sig­nif­i­cantly changing its re­quire­ments. Please read, IFRS 3 — Updating a reference to the Conceptual Framework, International Accounting Standards Board (IASB), Conceptual Framework for Financial Reporting 2018, IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IASB issues podcast on latest Board developments (December 2020), We comment on the IASB’s discussion paper on goodwill, Updated IASB work plan — Analysis (December 2020 meeting), IASB Chair discusses COVID-19 and IFRS Standards, Deloitte comment letter on discussion paper on goodwill, IFRS in Focus — IASB seeks information on its post-implementation review of IFRS 10, IFRS 11 and IFRS 12, U.S. GAAP and IFRS Standards — Understanding the differences, A Roadmap to Applying the New Revenue Recognition Standard (2020), Comment deadline: Discussion paper on goodwill and impairment, Effective date of IBOR reform Phase 2 amendments, Comment deadline: IFRS 16 amendment on Sale and Leaseback, update IFRS 3 so that it refers to the 2018, add to IFRS 3 a requirement that, for transactions and other events within the scope of IAS 37 or IFRIC 21, an acquirer applies IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination; and. These amendments have now been finalised. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. On 14 May 2020, the IASB issued Reference to the Conceptual Framework (Amendments to IFRS 3), which should be applied to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2022. Amendments to References to the Conceptual Framework in IFRS Standardsdid not amend the guidance on classification of financial instruments in IFRS 2. is mandatory for annual reporting periods beginning on or after 1 January 2020. Do you want to ask us something? IFRS Standards together with their accompanying documents are issued by the International Accounting Standards In most cases, the standard references are updated to refer to the revised Conceptual Framework. Main features of this Standard Main requirements This Standard sets out amendments to Australian Accounting Standards, Interpretations and other pronouncements to reflect the issuance of the Conceptual Framework for … Some Standards, their accompanying documents and IFRS practice statements contain references to or quotations from the IASC’s . Exposure Draft Reference to the Conceptual Framework Proposed amendments to IFRS 3 Comments to be received by 27 September 2019. If the Board agrees with the staff recommendations in this paper, the staff expect the Board to issue the amendments to IFRS 3 in the second quarter of 2020. Reference to the Conceptual Framework is issued by the International Accounting Standards Board (Board). Exposure Draft Reference to the Conceptual Framework Proposed amendments to IFRS 3 Comments to be received by 27 September 2019. Together with the revised Conceptual Framework, which became effective upon publication on 29 March 2018, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. Each word should be on a separate line. Further amendments to IFRS 3, Business Combinations, update references in IFRS 3 to the revised 2018 Conceptual Framework. Earlier adoption of Amendments is permitted. Amendments to IFRS 3 - Reference to the . Some Standards, their accompanying documents and IFRS practice statements contain references to or quotations from the IASC’s . The 2018 Conceptual Framework is effective for annual reporting periods beginning on or after 1 January 2020. Reference to the Conceptual Framework Proposed amendments to IFRS 3. An entity shall apply the amendments for annual periods beginning on or after 1 January 2020. Der IASB hat am 14. Not all amendments, however, update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Vorgesehen ist eine redaktionelle Anpassung der bisherigen Verweise auf das Framework in den diversen Standards des House of IFRS. The Board and the IFRS … The Board and the IFRS … The Board has also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Amendments to References to the Conceptual Framework in IFRS Standards. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2020). Some pronouncements are only updated to indicate which version of the Framework they are referencing to (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. In a May 2019 exposure draft, the IASB identified three possible amendments to IFRS 3 that would update IFRS 3 without significantly changing its requirements. International Financial Reporting Standard Amendments to References to the Conceptual Framework in IFRS Standards by the International Accounting Standards Board (IASB) in March 2018. The International Accounting Standards Board (IASB) has published 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 'Business Combinations' that update an outdated reference in IFRS 3 without significantly changing its requirements. Financial Reporting Standard Amendments to References to the Conceptual Framework in IFRS Standards by the International Accounting Standards Board (IASB) in March 2018. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. This version replaces the Conceptual Framework issued in 2010 (2010 Conceptual Framework). In March 2018, the IASB issued the 2018 Conceptual Framework and most references to the Framework included in IFRSs were updated to the 2018 Framework at that time. Exposure Draft ED/2019/3 Reference to the Conceptual Framework is published by the International Accounting Standards Board (Board) for comment only. or the version that was replaced in 2010. The pur­pose of this pro­ject was to up­date IFRS 3 to re­quire an en­tity to re­fer in­stead to a later ver­sion is­sued in March 2018. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards. adopted by the Board in 2001 or the . CONTENTS from paragraph IFRS 17 INSURANCE CONTRACTS OBJECTIVE 1 SCOPE 3 Combination of insurance contracts 9 Separating components from an insurance contract 10 LEVEL OF AGGREGATION OF INSURANCE … Reference to the Conceptual Framework Proposed amendments to IFRS 3. The proposed amendments, if finalised, would replace the reference in IFRS 3 to the 1989 Framework with a reference to the 2018 Conceptual Framework. (a) Annual Improvements to IFRS Standards 2018–2020; (b) Reference to the Conceptual Framework (Amendments to IFRS 3); (c) Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and (d) Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37). Click by industry. Exposure Draft ED/2019/3 Reference to the Conceptual Framework is published by the International Accounting Standards Board (Board) for comment only. These words serve as exceptions. In today’s article, we will focus on those changes that are important from the viewpoint of CFOs and accountants. Conceptual Framework ’). Did not find a topic on our blog that interests you? This Standard sets out amendments to the Australian Accounting Standards, Interpretations and other pronouncements listed in the Appendix to reflect the issuance of the Conceptual Framework for Financial Reporting (Conceptual Framework) by the AASB. 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