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Questions and Answers
What is the key feature that distinguishes a business according to the application guidance in paragraph B7 of AASB 3/IFRS 3?
In the context of a business combination, when does control exist?
According to AASB 3/IFRS 3, does an entity need to produce outputs to be classified as a business?
What constitutes a business in the context of AASB 3/IFRS 3 when an acquirer integrates the acquired business into its own inputs and processes?
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If an entity is still in the development stage and not producing outputs, can it be classified as a business?
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What is required for an entity to be classified as a business according to AASB 3/IFRS 3?
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When does control exist in a business combination as per the provided text?
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In the context of AASB 3/IFRS 3, what makes an entity capable of being classified as a business?
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What is the main factor that determines if an investment constitutes a business or not?
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What allows an entity still in development to be classified as a business?
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