Suncorp Limited Acquired a 15% Interest in Milton Pty Ltd

question 21

Multiple Choice

Suncorp Limited acquired a 15% interest in Milton Pty Ltd on 1 January 2014. On 15 September 2014 it acquired an additional 25% interest, and on 15 March 2015 a further 15%. Under AASB 3/IFRS 3, a business combination occurs on:

• A) 1 January 2014.
• B) 15 September 2014.
• C) 15 March 2015.
• D) all of the above.

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Definitions:

End A Marriage

The legal termination of a marital union, known as divorce, which dissolves the bonds of matrimony between married individuals.

Court Decree

A formal and authoritative order issued by a court, requiring parties to do or not do something.

Invalidates

To make something legally null and void or to render it ineffective by establishing its incorrectness or inapplicability.

Community Property

A form of ownership between married couples in some states, where assets acquired during the marriage are considered jointly owned.