11 An entity shall determine whether a transaction or other event is a business combination byapplying the definition in PFRS 3, which requires that:All of the combining entities or businesses are ultimately controlled by the same party or parties both beforeand after the business combination.All of the combining entities transfer their net assets, or the owners of those entities transfer their equityinterests, to a newly formed entity.O The assets acquired and the liabilities assumed constitute a business.O All of the above.

An entity shall determine whether a transaction or other event is a business com applying the definition in PFRS 3, which requires that: All of the combining entities or businesses are ultimately controlled by the same party or partie and after the business combination. All of the combining entities transfer their net assets, or the owners of those entities transfer the interests, to a newiy formed entity. O The assets acquired and the liabilities assumed constitute a business. O All of the above.

An entity shall determine whether a transaction or other event is a business com applying the definition in PFRS 3, which requires that: All of the combining entities or businesses are ultimately controlled by the same party or partie and after the business combination. All of the combining entities transfer their net assets, or the owners of those entities transfer the interests, to a newiy formed entity. O The assets acquired and the liabilities assumed constitute a business. O All of the above.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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