Reference no: EM132968764

Problem 1: According to the Conceptual Framework, recognition of an asset occurs if it is probable that future economic benefits will flow to the entity and:

Select one:

Option 1: it is a current asset

Option 2: it has a value that can be measured with reliability

Option 3: it is a non-current asset

Option 4: it has a value that can be measured with certainty

Problem 2: AMP Limited acquired a 15% interest in Suncorp Pty Ltd on 1 January 2019. On 15 September 2019 it acquired an additional 25% interest, and on 15 March 2020 a further 15%. Under AASB 3/IFRS 3, a business combination occurs on:

Select one:

Option 1: 15 March 2020

Option 2: 15 September 2019

Option 3: 1 January 2019

Option 4: all of the above