2.Does your company report any goodwill? How is goodwill defined? In what circumstances can an entity recognise goodwill and how is goodwill measured?
3.What is a gain from a bargain purchase? How is a gain from a bargain purchase measured and how is it accounted for?
4.Is goodwill amortised? Is goodwill subject to impairment testing? If it is subject to impairment testing then when is goodwill be tested for impairment?
5.Can an impairment loss in relation to goodwill be subsequently reversed when there are indicators that an impairment loss recognised in prior periods may no longer exist or may have decreased?
Assume that Company A obtained control of Company B. Explain the application of AASB 3 Business Combinationsand AASB 10 Consolidated Financial Statements if (1) Company A obtained control through purchasing all of the issued shares of Company B; and (2) Company A obtained control through purchasing all the assets and assuming all of the liabilities of Company B.
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