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What figure in respect of goodwill should now be carried

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The YELLOW Co. acquired a 70% interest in the ORANGE Co. for P 1,960,000 when the fair value of ORANGE's identifiable assets and liabilities was P 700,000 and elected to measure the non-controlling interest at its share of the identifiable net assets. Annual impairment reviews of goodwill have not resulted in any impairment losses being recognized. ORANGE's current statement of financial position shows share capital of P 100,000, a revaluation reserve of P 300,000, and retained earnings of P 1,400,000.

Problem 1: Under IFRS 3, Business Combinations, what figure in respect of goodwill should now be carried in YELLOW's consolidated statement of financial position?

Reference no: EM132674405

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