When recognising the identifiable assets and liabilities assumed in a business combination, an acquirer must: a. apply AASB 1/IFRS 1 First-time Adoption of Australian Accounting Standards. O b. classify or designate the assets and liabilities as necessary to apply Accounting Standards subsequently. O c. maintain the classifications or designations for the assets and liabilities that were previously used by the acquiree. Od. both a. and b. are correct.