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Question - Assume that Company A acquires 70% of Company for a cash price of $10 million when the share capital and reserves of Company B are:
Share capital $8 million
Retained earnings $2 million
Total $10 million
Required -
(a) What amount will be shown in the consolidated statement of financial position for goodwill pursuant to AASB 3 assuming that any non-controlling interest in the acquired is measured at fair value?
(b) What amount will be shown in the consolidated statement of financial position or goodwill pursuant to AASB 3 assuming that any non-controlling interest in the acquiree is measured at the non-controlling interest's proportionate share of the acquiree's identifiable new assets?
(c) What are some of the implications of allowing the group to have two options in accounting for goodwill on consolidation?
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