IFRS 3 Business Combinations states that when an acquirer obtains control of a business (e.g. an acquisition or merger) such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities required to be measured at their fair values at the acquisition date (IAS Plus, 2020).

Required: Critically justify why does an acquirer need to use fair value measurement methods with regard to IFRS 3?