In determining the appropriate measurement basis of assets acquired and liabilities assumed in a prior business combination that is not restated upon adoption of IFRS, which of the following statements is false?

For assets and liabilities recognized under previous GAAP that are measured on the basis of cost, the carrying amount under previous GAAP immediately after the business combination is the deemed cost under IFRS at that date.

Assets and liabilities that were not recognized under previous GAAP are not recognized in the consolidated balance sheet, even if IFRS would otherwise require their separate recognition in the balance sheet of the acquiree (i.e., they are deemed to have a cost of zero in the opening balance sheet).

For assets and liabilities recognized under previous GAAP that are measured on a basis other than cost, the assets and liabilities are measured on that basis at the date of transition, even if they arose from a past business combination.

For assets and liabilities that were not recognized under previous GAAP, the acquirer recognizes and measures them in the consolidated balance sheet on the basis that IFRS would require in the separate balance sheet of the acquiree.