Real madrid Ltd acquired $80000$ ordinary shares in Man united Ltd on $1$ March $2024$ for R$40500000.$ The acquisition price would be paid on $28$ February $2025.$ Man united Ltd manufactures exclusive furniture pieces.

$55)$Considering the acquisition of the shares of Man United Ltd above, explain and define why IFRS $3$ is applicable. In your explanation, refer to the definition of control in terms of IFRS $10$Consolidated Financial Statements, and the definition of a business in terms of IFRS $3$ Business Combinations.