Harris Ltd. purchased 30% of the equity shares of Trump Ltd. while the existing management of Trump Ltd. retained 70% of the company. It was decided that Harris Ltd will have significant influence over the company and they can also have influence over the operating and financial policy decisions of Trump Ltd.

Requirements: 

1. Giving appropriate reasons to determine whether Trump Ltd. would be classed as a Financial Asset, Associate, or a Subsidiary?

2. Based on your answer above, identify the accounting standards that would be applicable in accounting for this transaction?

3. Based on your answer above, state what will be the appropriate Accounting treatment for Harris Ltd as a parent company?