1. Members of a company are allowed to sell their shares at any time, provided they obtain permission from the other members. Response Click or tap here to enter text. 2. Australian accounting standards are now identical to their equivalent International Financial Reporting Standards (IFRSs). Response Click or tap here to enter text. 3. Prior to the allotment/issue of shares, the balance in the application account represents a liability of the company to the applicants. Response Click or tap here to enter text. 4. If a company forfeits shares and the company's constitution is silent in relation to reissue of the shares, the company is entitled to keep any balance in the account after reissue, payment of unpaid calls and interest and administrative costs. Response Click or tap here to enter text. 5. The acquisition date is the date on which the contract between the acquirer and acquiree is signed.