Additional information:

$1.$Unity Ltd acquired $80000$ ordinary shares in Onetime Ltd on $1$ March $2024$ for R$40500000.$ The acquisition price would be paid on $28$ February $2025.$ Onetime Ltd manufactures exclusive furniture pieces.

$2.$The carrying amounts of all of the assets and liabilities of Onetime Ltd were equal to their fair values except for the following:

Inventory $2250000$

Property, plant and equipment $11250000$

Land $25000000$

$3.$Onetime Ltd did not recognise a contingent liability of R$2000000$ on $29$ February $2024.$ This is of a capital nature and hence is not an allowable tax deduction. This amount meets the recognition criteria of IFRS $3.$

$4.$Onetime Ltd did not recognise an intangible asset with a fair value of R$3750000$ at the acquisition date.

$5.$An appropriate discount rate is $10\%$ per annum.

$6.$The fair value of Onetime Ltd shares was R$26\mathrm{.}25$ on $1$ March $2024$

$7.$Non$-$controlling interest is measured at fair value on the acquisition date.

$8.$ Non$-$controlling interest is measured at their share of net identifiable assets

$9.$ Investments in subsidiaries are accounted for at cost in the separate records of Unity Ltd$.$

$10.$ The SA normal tax rate is $27\%$ and the effective capital gains tax rate is $21\mathrm{.}6\%.$ Land and intangible assets are subject to capital gains tax and all other assets are subject to normal tax

$1.$Considering the acquisition of the shares of Onetime Ltd above, explain why IFRS $3$is applicable.In your explanation, refer to the definition of control in terms of IFRS $10$Consolidated Financial Statements, and the definition of a business in terms ofIFRS $3$ Business Combinations.