24 Which of the following is incorrect regarding measurement period?If the initial accounting for a business combination is incomplete by the end of the reporting period in which thecombination occurs, the acquirer shall report in its financial statements provisional amounts for the items forwhich the accounting is incomplete.During the measurement period, the acquirer shall also recognise additional assets or liabilities if newinformation is obtained about facts and circumstances that existed as of the acquisition date and, if known,would have resulted in the recognition of those assets and liabilities as of that date.During the measurement period, the acquirer shall prospectively adjust the provisional amounts recognised atO the acquisition date to refiect new information obtained about facts and circumstances that existed as of theacquisition date and, if known, would have affected the measurement of the amounts recognised as of that dateThe measurement period ends as soon as the acquirer receives the information it was seeking about facts andcircumstances that existed as of the acquisition date or learns that more information is not obtainable.

Business combinations are the result of acquisitions or mergers. Here, one party acquires the other…

Answered: Which of the following is incorrect…

Business

Accounting

Which of the following is incorrect regarding measurement period?

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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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Which of the following is incorrect regarding measurement period?
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the
combination occurs, the acquirer shall report in its financial statements provisional amounts for the items for
which the accounting is incomplete.
During the measurement period, the acquirer shall also recognise additional assets or liabilities if new
information is obtained about facts and circumstances that existed as of the acquisition date and, if known,
would have resulted in the recognition of those assets and liabilities as of that date.
During the measurement period, the acquirer shall prospectively adjust the provisional amounts recognised at
O the acquisition date to refiect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the amounts recognised as of that date
The measurement period ends as soon as the acquirer receives the information it was seeking about facts and
circumstances that existed as of the acquisition date or learns that more information is not obtainable.

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