According to AASB 3 Business Combinations, a gain on bargain purchase arises in a business combination when the consideration transferred:

A is more than the book values of the identifiable assets acquired.

B is less than the net fair value of the acquirees identifiable assets and liabilities.

C is less than the carrying amount of the identifiable assets and liabilities.

D is greater than the net fair value of the acquirees identifiable assets and liabilities.