Which one of the following statements is correct according to IFRS 3 Business Combinations? The acquisition date

Fantastic news! We've Found the answer you've been seeking!

Question:

Which one of the following statements is correct according to IFRS 3 Business Combinations?

The acquisition date in a business combination is the date on which the acquirer transfers purchase consideration.

On consolidation, contingent liabilities of the subsidiary (which have previously only been disclosed in the notes to the financial statements) are recognised at their fair value

Contingent consideration should not be included in the calculation of goodwill

Negative goodwill is recognized in the statement of financial position as a negative asset.

Related Book For answer-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

See More Books

Posted Date: Aug 18, 2022 07:58 AM

See More Questions

Which one of the following statements is correct with regard to property loss exposures? 1. Homes can be grouped into classes that face essentially the same loss potential. 2. Commercial property...
Which one of the following statements is not true for a defined benefit plan? a. Favors older participants. b. Arbitrary annual contribution. c. Requires an actuary. d. Maximum retirement benefit of...
Which one of the following statements is true with respect to financial statement analysis? a. All aspects of a business can be summarized neatly into the three primary financial statements. b....
The following post-closing trial balance was prepared for Speedy Prints, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts...
Ponzi Corporation has bonds on the market with 14.5 years to maturity, a YTM of 6.1 percent, and a current price of $1,038. The bonds make semiannual payments. What must the coupon rate be on these...
Which ethical position has been criticized as a source of ethical imperialism? (a) individualism (b) absolutism (c) utilitarianism (d) relativism
A simplified model of a motorcycle traveling over a rough road is shown in Fig. 14.31. It is assumed that the wheel is rigid, the wheel does not leave the road surface, and the cycle moves at a...
The following information is the end-of-year data for Pecos Yo Company: Compute the following: 1. Inventory turnover for raw materials inventory 2. Days in raw materials inventory (Assume 360 days in...
On January 1 , 2 0 2 4 , Granger Corporation had 7 9 , 0 0 0 common shares, recorded at $ 5 4 5 , 1 0 0 , and retained earnings of $ 1 million. During the year, the following transactions occurred:...
Suppose your angle of elevation to the top of a water tower is 78. If the water tower is 145 ft tall, how far are you standing from the water tower?
Youre going to build this program in parts. In this exercise, you will build a program that stores a secret word and allows the user to repeatedly guess a letter. Each time the user makes a guess,...
Consider the Boolean function F(W, X, Y, Z) = (0, 1, 2, 4, 6, 10, 12) which has the don't care conditions D(W, X, Y, Z) = (7, 13, 14, 15), the minimum sum-of-products (SOP) expression of Fis: Oa....
Create a Macro using the Macro recorder and Visual Basic statements that will do the following: 1. Create a macro recording the advanced Filter for just those employees located in Chicago Create a...
We all are passionate about something or the other; something that we love doing whenever we get the opportunity. This activity will help you identify that passion or interest of yours. Instructions:...
Introduction and Chapters 1 & 2. View video: Tools of Strategic Analysis Links to an external site. by StudyVids (10:37) Write a 1-2 page reflection paper addressing the following: What are the key...
Imagine you are a business consultant, and a client has approached you for advice on the most suitable business structure for for their start up venture. They are torn between the idea of setting up...
Swifty company is a publicly held corporation whose $1 par value stock is actively traded at $30 per share. The company issued 3400 shares of stock to acquire land recently advertised at $93000. When...
Northside Company spent $80,000 on fixed manufacturing overhead during the year. At the beginning of the year, the company had budgeted to spend $76,000 on fixed manufacturing overhead and to work...
The following is Saratoga Springs Companys stockholders equity section of the balance sheet on December 31, 2011: Preferred stock (7%, $50 par, noncumulative, 22,000 shares authorized, 9,000 shares...
Why are expenditures other than the net purchase price included in the cost of an asset?
Does the fact that selling is included as part of the promotional mix weaken or strengthen its role as a sub-element of marketing?
Discuss the role and function of selling.
Comment on why the proposed changes to sales processes are necessary. Also, which changes would you recommend in terms of their: (a) selling activities? (b) sales value proposition?

Which one of the following statements is correct according to IFRS 3 Business Combinations? The acquisition date

Question:

Expert Answer:

On consolidation contingent liabilities of the subsidiary which have previously o... View the full answer

Accounting concepts and applications

Students also viewed these accounting questions