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What is the primary accounting standard governing amalgamation?

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Question: What is the primary accounting standard governing amalgamation?

Options:

  1. IFRS 3
  2. IAS 2
  3. GAAP
  4. IFRS 10

Correct Answer: IFRS 3

Solution: 

IFRS 3 is the primary accounting standard that deals with business combinations, including amalgamation.

What is the primary accounting standard governing amalgamation?

Practice Questions

Q1
What is the primary accounting standard governing amalgamation?
  1. IFRS 3
  2. IAS 2
  3. GAAP
  4. IFRS 10

Questions & Step-by-Step Solutions

What is the primary accounting standard governing amalgamation?
  • Step 1: Understand what amalgamation means. Amalgamation is when two or more companies combine to form one new company.
  • Step 2: Learn about accounting standards. These are rules that companies follow to keep their financial records.
  • Step 3: Identify the relevant accounting standard for amalgamation. The standard that covers this is called IFRS 3.
  • Step 4: Know that IFRS 3 specifically deals with business combinations, which includes amalgamation.
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