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IFRS Principles Quiz

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What does NZ IFRS require the acquirer to do in a business combination?

Recognize and measure identifiable assets, liabilities, and non-controlling interest

Recognize and measure only identifiable assets and liabilities

Recognize and measure identifiable assets, liabilities, non-controlling interest, and goodwill (correct)

Recognize and measure goodwill only

What is the purpose of disclosing information in a business combination?

To enable users to evaluate the nature and financial effects of the business combination (correct)

To confuse users about the financial effects of the business combination

To hide the financial effects of the business combination

To provide irrelevant information to users

What is the difference between goodwill and non-controlling interest in a business combination?

Goodwill is a liability while non-controlling interest is an asset

Goodwill represents the ownership share of the acquirer, while non-controlling interest represents the ownership share of the acquiree held by the acquirer

Goodwill represents the ownership share of the acquiree not held by the acquirer, while non-controlling interest represents the excess of the purchase price over the fair value of the identifiable assets acquired

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets acquired, while non-controlling interest represents the ownership share of the acquiree not held by the acquirer (correct)