Select from below the attributes of a business combination accomplished through acquisition of variable interests in another entity. Multiple select question. Majority voting stock ownership is not a necessary condition for control over a variable interest entity. The variable interest entity remains in existence as a separate legal entity--often a trust or partnership. 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