Question 2

When the investor controls an investee, the investor needs to account for the investee using acquisition method. The four (4) steps involved in applying acquisition method are:- (i) Identify acquirer (ii) Determine the acquisition date (iii) Recognise and measure the identifiable assets required; the liabilities assumed; and any non-controlling interest; and (iv) Recognise and measure goodwill or a gain from a bargain purchase.

Required:- Explain how to identify acquirer. Please support your answer with relevant Malaysian Financial Reporting Standard(s).