Select all that apply Select from below the attributes of a business combination accomplished through acquisition of variable interests in another entity. Multiple select question. The acquiring company directly buys the variable interest entity's assets and assumes its liabilities. Current GAAP requires the consolidation of financial statement for a primary beneficiary and its variable interest entities. The variable interest entity remains in existence as a separate legal entity--often a trust or partnership. Majority voting stock ownership is not a necessary condition for control over a variable interest entity