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Question 1: On 1 April 2017 HARD acquired 75% of WATER's equity shares by means of a share exchange and an additional amount payable on 1 April 2017 that was contingent upon the post-acquisition performance of WATER. At the date of acquisition HARD assessed the fair value of this contingent consideration at £4.2 million but by 31 March 2018 it was clear that the amount to be paid would be only £2.7 million. How should HARD account for this £1.5 million adjustment in its financial statements as at 31 March 2018?
Option 1 : Debit current liabilities/Credit goodwill
Option 2 : Debit retained earnings/Credit current liabilities
Option 3 : Debit goodwill/Credit current liabilities
Option 4 : Debit current liabilities/Credit retained earnings
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According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. What is the level of sophistication that the Board assumes about the users of financ..
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