The directors of Precision Constructions Ltd (PC), a renowned construction company in Melbourne, have been negotiating with Elite Build Solutions Ltd (ES), a building company in New Zealand. The directors of PC have yet to determine whether to buy over the assets and liabilities of ES or to buy over their shares. Before the deal is finalized, the directors of PC have approached you, the financial accountant, to provide advice on the following questions: What constitutes a business combination? Why is it important to identify an acquirer in a business combination