Help me with:

1.For memo, could you please give me some advice on how to start this assignment ? What key points should be covered in this assignment?

Also, could you please explain for me the what are the differences between Acquisition Method and Ceiling Approach in Acquisition Analysis?

Please include references.

2.For letter, could you please explain to me what the impacts for this client as the detailed number information listed in the question.

Currently, Accounting Standards do not specify how to account for combinations of companies or businesses that are controlled by the same party. As a result, companies account for such transactions in different ways, which makes it difficult for investors and regulators to compare the effects of those transactions on companies' financial positions and performances.

The International Accounting Standards Board (IASB) is discussing whether it can develop requirements that would improve the comparability and transparency of accounting for business combinations under common control to help investors compare and better understand information that companies provide in financial statements about such transactions.

One of the key issues concerning the accounting for business combinations under common control is the Acquisition Analysis. The IASB has proposed different methods of Acquisition Analysis including the Acquisition Method (IFRS 3/AASB 3), Full Fair Value Approach, Ceiling Approach and Revised Ceiling Approach. Although the project covers various aspects of business combinations under common control, the scope of this assignment is limited to Acquisition Analysis, in particular, to the Acquisition Method and Ceiling Approach.

This assignment comprises two tasks: (1) Memo (2) Short letter. The detailed instructions are as below:

1) Memo

In your own words write a memo to your colleagues at the accounting firm for which you work (this is just pretend, most students are not currently working for an accounting firm, use your imagination to make up a name and letterhead for your accounting firm) explaining the issues raised in the IFRS's "Business Combinations under Common Control" project (this is relevant to Topic 1 Part 2, Topic 2 and Topic 3) and advise which approach to Acquisition Analysis for business combinations under common control the firm should support.

Important reminder: Although the project covers various aspects of business combinations under common control, your memo should include critical analysis (including the relative merits) of the Acquisition Method and Ceiling Approach only.

2) Letter

In your own words draft a short letter to one of the firm's clients who may be impacted by the IFRS project. The client acquired a 15% Non-Controlling Interest in a company that was a wholly owned subsidiary of the client's parent company. (Use your imagination for the client's industry and name).

The details of this acquisition are as below:

Purchase consideration: $1 272 000

Fair value of business acquired: $1 258 000

Fair value of net identifiable assets: $1 235 000

Use the above information to explain the impact of the proposed IFRS's developments on the client.