4. White Ltd has been negotiating with Cloud Ltd for several months, and agreements have finally been reached for the two companies to combine. In considering the accounting for the combined entities, management realizes that, in applying IFRS 3, an acquirer must be identified. However, there is debate among the accounting staff as to which entity is the cquirer What factors should management consider in determining which entity is the acquirer. 5 marks) 5. What are the arguments for and against the use of fair value as the measurement basis for biological assets and agricultural produce? Why do you think the IASB settled on requiring fair value? 5 marks) 6. State which of the following meets the definition of agricultural activity' in IAS 41. Give reasons for your answer. a) Pig farming b) Ocean fishing c) Clearing forest to create farmland d) Salmon farming e) Managing vineyards 5 marks) 7. Define a cash-generating unit (CGU) and explain why impairment testing requires the use of 5 marks) CGUs, rather than being based on single assets