QUESTION 1 1 points AASB 3 establishes recognition criteria for identifiable items associated with a business combination Which of the following is not an established recognition criteria: For a contingent liability it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and its fair value can be reliably measured. For a liability, other than a contingent liability, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and its fair value can be reliably measured. O For an asset other than an intangible asset, it is probable that any associated future benefits will flow to the acquirer and its fair value can be measured reliably. For an intangible asset its fair value can be reliably measured. 1 points Save Am QUESTION 2 In the year ended June 30 2021, Lorelai Ltd, a reporting entity, acquired the assets and assumed the liabilities of the Rory Teens operation from Gilmore Ltd for $10,000,000. At the date of acquisition, the fair values of the net separable identifiable assets and liabilities of the operation were $8,000,000 and $1,000,000 respectively. Based on this information, the transaction has resulted in a. None of these answers is correct. b. The acauisition of certain assets and liabilities which is not a business combination since Rory Teens is not manased to Save All A Save and Click Save and Submit to save and submit. Click Save All Answers to save all answers