Which One of the Following Statements Regarding IFRS and Accounting

question 11

Multiple Choice

Which one of the following statements regarding IFRS and accounting for step acquisitions is most correct?

• A) Under IFRS goodwill is identified and net assets remeasured to fair value for all subsequent transactions, both increasing and decreasing the ownership percentage, after control is achieved.
• B) IFRS requires the recording of additional goodwill on subsequent increases in the parent's ownership percentage.
• C) Under IFRS acquisition accounting is applied only at the date that control is achieved.
• D) IFRS requires the non-controlling interest to be measured at fair value.

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Definitions:

Year

A period of time equal to 365 or 366 days, used for measuring a duration of time according to the Gregorian calendar.

Epigenetic Influences

Refers to changes in gene expression caused by mechanisms other than changes in the underlying DNA sequence.

Interactions

A process or action taken place when two or more objects or substances influence or have an effect on each other.

Health

A state of complete physical, mental, and social well-being, and not merely the absence of disease or infirmity.