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Determine whether or not transaction is business combination

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Biotech Ltd has acquired all of the outstanding shares in Capcom Pty Ltd, a medical research and development company that has a licence for a new proposed product. Phase I clinical trials are currently being performed by Capcom employees (one of whom founded Capcom Pty Ltd and discovered the proposed product). Capcom's administrative and accounting functions are performed by a contract employee.

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Problem 1: Determine whether or not the transaction above is a business combination applying the appropriate tests in AASB 3. Justify your decisions.

Reference no: EM132918556

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