1. Brief describes the process for calculating the value of the consideration in a business combination where control has been gained in stages. (In your answer you should make reference to the relevant sections of the accounting standards)
2. Briefly explain the significance of the following in relation to business combinations and the preparation of consolidated group accounts.
a. Identifying the acquirer
b. Determining the acquisition date
c. Recognizing and measuring the identifiable assets acquired, liabilities assumed and minority interest
d. Recognizing and measuring goodwill or gain from a bargain purchase
at least 500words
3. Briefly explain the reason for eliminating the unrealized profit on opening inventory during a consolidation process. (In your answer you should mention any other related adjustments that would need to be made in connection with this transaction)
4. Using an example to illustrate, explain how a deferred tax asset arising from a gain on sale made through an intercompany sale of a fixed asset will eventually be offset as part of the consolidation process. at least 250 words
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