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What is the primary accounting standard governing amalgamation?
What is the primary accounting standard governing amalgamation?
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Practice Questions
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Q1
What is the primary accounting standard governing amalgamation?
IFRS 3
IAS 2
GAAP
IFRS 10
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IFRS 3 is the primary accounting standard that deals with business combinations, including amalgamation.
Questions & Step-by-step Solutions
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Q: What is the primary accounting standard governing amalgamation?
Solution:
IFRS 3 is the primary accounting standard that deals with business combinations, including amalgamation.
Steps: 4
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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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