Question: (a) Define an associate. [2 marks] (b) Explain how to account for associates in the separate financial statements of the investor. [4 marks] (c) Explain

(a) Define an associate. [2 marks] (b) Explain how to account

(a) Define an associate. [2 marks] (b) Explain how to account for associates in the separate financial statements of the investor. [4 marks] (c) Explain the effect of equity method on the consolidated income statement and statement of financial position. [4 marks] (d) Describe the requirement of MFRS 3 Business Combination in relation to the revaluation of a subsidiary company's assets to fair value at the acquisition date. [5 marks]

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