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Under AASB 3, a business combination is: A) Bringing together of separate entities or businesses into...

  1. Under AASB 3, a business combination is:

    1. A) Bringing together of separate entities or businesses into one reporting entity

    2. B) The formation of an entity that consists of a number of separate entities that together

      forms a combined entity known as a ‘Group’

    3. C) Where one entity (the acquirer) obtains control of one or more other businesses (the

      acquiree)

    4. D) All the above

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Answer #1

The answer is,

C) Where one entity (the acquirer) obtains control of one or more other businesses (the

acquiree)

Explanation: As per AASB 3 "Business Combinations", In order to be a business combination, an entity shall determine whether in a transaction or other event, assets acquired or liabilities assumed constitute business. Also, the scope of AASB 3 specifically mentions that the standard do not apply to the formation of a joint venture & to a combination of entities or businesses under common control.

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