Question
Which of the following statements about the definition of a business under IFRS 3 is accurate? The acquirer is not required to determine whether the
Which of the following statements about the definition of a business under IFRS 3 is accurate?
The acquirer is not required to determine whether the seller operated the set of activities and assets as a business before the acquisition for the acquired set to qualify as a business.
Outputs are required for the acquired set of activities and assets to qualify as a business.
To qualify as a business, the acquirer is required to demonstrate that it intends to operate the acquired set of activities and assets as a business after acquisition.
To be a business, the acquired set must include a liability.
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