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Determine the goodwill if Sit Co uses the IFRS for SMEs

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Question - On January 1, 20X1, Sit Co. acquired 75% controlling interest in Stand Co. for P1,000,000. On the said date, the fair value of Stand's identifiable net assets is P800,000. Sit Co. incurred transaction costs of P100,000 on the acquisition.

Required -

a. Determine the goodwill if Sit Co. uses the full IFRS and the measure non-controlling interest shall be measured on a proportionate basis.

b. Determine the goodwill if Sit Co uses the IFRS for SMEs.

c. Determine the goodwill on December 31, 20X1 under full IFRS and IFRS for SMEs.

Reference no: EM132935584

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