LYCEUM OF SUBIC BAY

Subic Bay Freeport Zone

Advanced Financial Accounting Review Allan B. Santos CPA

IFRS 3: BUSINESS COMBINATION

Part I: Theory of Accounts

1. IFRS 3 defines it as a transaction or other event in which an acquirer obtains control of one or more
businesses.
a. Business combination
b. Consolidation
c. Merger
d. Acquisition of net assets

2. Under IFRS 3, how shall an entity (acquirer) account for each business combination?
a. Pooling or interest method
b. Proportionate consolidation method
c. Acquisition method
d. Equity method

3. Applying acquisition method for business combination requires the following steps, except
a. Identifying the acquirer
b. Determining the acquisition date
c. Recognizing and measuring the identifiable assets acquired, the liabilities assumed and any
noncontrolling interest in the acquire
d. Recognizing and measuring goodwill or a gain from a bargain purchase
e. Using equity method

4. In different types of business combination, which of the following is not considered as an acquirer?
a. The newly formed corporation in case of merger
b. The absorbed corporation in case of consolidation
c. The corporation that acquires more than 50% of the other corporation’s ordinary shares
d. The corporation that controls the acquiree

5. Which of the following statements concerning the identification of the acquirer in a business combination
in incorrect?
a. In business combination through merger, the acquirer is the absorbed corporation after the business
combination
b. In business combination through consolidation, the acquirer is the newly formed corporation.
c. In business combination effected primarily by transferring assets or by incurring liabilities or issuing
shares, the acquirer is usually the entity that transfers the cash, incurs the liabilities or issues the shares.
d. In some business combination, commonly called “reverse acquisition” the issuing entity is the acquiree
while the other entity that receives the issued shares is the acquirer.

6. It refers to the date on which the acquirer obtains control of the acquiree.
a. Business acquisition date
b. Acquisition date
c. Control date
d. Consolidation date

7. As of the acquisition date, the acquirer shall recognize, separately from goodwill, the identifiable assets
acquired, the liabilities assumed and any non-controlling interest in the acquiree. As a general rule, the
acquirer shall measure the identifiable assets acquired and the liabilities assumed at their
a. Acquisition date-fair values
b. Acquisition date-book value
c. Acquisition date-face value
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Advanced Financial Accounting Review Allan B. Santos CPA
d. Acquisition date-carrying value

8. For each business combination, the acquirer shall measure at the acquisition date components of
noncontrolling interest (NCI) in the acquiree that are present ownership interest and entitle their holders
to a proportionate share of the entity’s net assets in the event of liquidation at either
a. Fair value.
b. The present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s
identifiable net assets.
c. Either A or B.
d. Neither A nor B.

9. Under IFRS 3, contrary to IAS 37, what is the recognition principle of contingent liability assumed in a
business combination?
a. The acquirer shall recognize as of the acquisition date a contingent liability assumed in a business
combination if it is a present obligation that arises from past events and its fair value can be measured
reliably even only reasonably possible.
b. The acquirer shall recognize a contingent liability assumed in a business combination at the acquisition
date only if it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation.
c. The acquirer shall recognize a contingent liability assumed in a business combination at the acquisition
date only if it is virtually certain that an outflow of resources embodying economic benefits will be
required to settle the obligation.
d. The acquirer shall recognize a contingent liability assumed in a business combination at the acquisition
date only if it is remote that an outflow of resources embodying economic benefits will be required to
settle the obligation.

10. What is the measurement of the consideration transferred or given up in a business combination?
a. Acquisition date-fair values
b. Acquisition date-book value
c. Acquisition date-face value
d. Acquisition date-carrying value

11. If the aggregate of the (a) consideration transferred measured in accordance with this IFRS, which
generally requires acquisition-date fair value; (b) the amount of any non-controlling interest in the acquiree
measured in accordance with IFRS 3; and (c) in a business combination achieved in stages, the acquisition-
date fair value of the acquirer’s previously held equity interest in the acquiree is less that the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in
accordance with IRFS 3 (FVNAA), the difference shall be classified as
a. Goodwill to be presented as noncurrent asset
b. Gain on bargain purchase to be presented as part of profit or loss
c. Gain on acquisition to be presented as part of OCI
d. Share premium from issuance of shares

12. If at the date of acquisition, the aggregate of (1) the fair value of consideration transferred, (2) the amount
of NCI measured at either (a) fair value or (b) proportionate share of fair value of net assets of acquiree,
and (3) in a business combination achieved in stages, the acquisition date fair value of the previously held
equity interest in the acquiree is less than the net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed measured in accordance with IFRS 3 (FVNAA), the difference shall
be classified as
a. Goodwill from business combination classified as non-current asset in the Consolidated Statement of
Financial Position which will not be amortized but will be subject to annual impairment test.
b. Gain on bargain purchase to be recognized at acquisition date Consolidated Statement of
Comprehensive Income as part of profit or loss but attributable to parent’s shareholders only.
c. Negative goodwill to be subject to amortization for presumed life of 10 years
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Advanced Financial Accounting Review Allan B. Santos CPA
d. Impairment loss to be recorded at acquisition date Consolidated Income Statement.

13. How shall the acquirer account for its previously held equity interest in the acquiree upon obtaining control
of the acquiree or how shall an acquirer account for a business combination achieved in stages a.k.a. step
acquisition?
a. The acquirer shall treat the transaction as change in accounting policy to be treated retrospectively at
acquisition date.
b. The acquirer shall account the transaction as prior period error to be treated by retroactive restatement.
c. The acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date
fair value and recognize the resulting gain or loss in Profit/loss.
d. The acquirer shall not include the previously held equity interest in the computation of goodwill or
gain on bargain purchase arising from business combination.

14. Under IFRS 3, what is the treatment of acquisition related costs in a business combination under IFRS 3?
a. It shall be expensed as incurred and presented as part of profit or loss.
b. It shall be capitalized as part of consideration given up in computation of goodwill or gain on bargain
purchase.
c. It shall be debited to share premium.
d. It shall be charged directly to retained earnings.

15. If the initial accounting for a business combination is incomplete by the end of the reporting period in
which the combination occurs, the acquirer shall report in its financial statements provisional amounts for
the items for which the accounting is incomplete. What is the maximum term or period of the measurement
period?
a. One year or 12 months from the acquisition date
b. 6 months from the acquisition date
c. 3 months from the acquisition date
d. 1 month from the acquisition date

16. Some changes in the fair value of contingent consideration that the acquirer recognizes after the
acquisition date may be the result of additional information that the acquirer obtained after that date about
facts and circumstances that existed at the acquisition date. These are called measurement period
adjustments that can be adjusted during the measurement period. Which of the following transactions is
considered as a measurement period adjustment that the acquirer shall retrospectively adjust to
goodwill/(gain on bargain purchase) during the measurement period which shall not exceed one year from
the acquisition date.
a. Changes in the value contingent consideration occurring within one year from the acquisition date as
a result of events occurring after the acquisition date such as meeting an earnings target, a specified
share price of reaching milestone on a research and development project.
b. Increase in the fair value of the financial liability at fair value through profit or loss issued as
consideration for business combination due to movement of prices in the exchange market.
c. Change in the carrying amount of the financial liability at amortized cost issued as consideration for
business combination due to amortization of the premium/(discount) on financial liability.
d. Changes in the provisional amount of contingent liability or contingent consideration as a result of
new information obtained about the facts and circumstances that existed as of the acquisition date and,
if known, would have affected the measurement of the amounts recognized as of that date.

17. How shall an acquirer in a business combination account for the changes in fair value contingent
consideration classified as financial liability if the changes result from events after the acquisition date?
a. The changes in fair value of contingent consideration classified as financial liability shall be
recognized as gain or loss in profit or loss because they are not measurement period adjustment.
b. The changes in fair value of contingent consideration classified as financial liability shall retroactively
adjusted to goodwill/gain on bargain purchase because they are measurement period adjustments.

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Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA
c. The changes in fair value of contingent consideration classified as financial liability shall be
retrospectively restated to beginning retained earnings because they are prior period error.
d. The changes in fair value of contingent consideration classified as financial liability shall be
retroactively applied to beginning retained earnings because they are change in accounting policy.

18. How shall an acquirer in a business combination account for the changes in fair value contingent
consideration classified as equity instrument if the changes result from events after the acquisition date?
a. The changes in fair value of contingent consideration classified as equity be recognized as gain or loss
in profit or loss because they are not measurement period adjustments.
b. Contingent consideration classified as equity shall not be remeasured and its subsequent settlement
shall be accounted for within equity because they are not measured period adjustments.
c. The changes in fair value of contingent consideration classified as equity shall be retrospectively in
fair value to beginning retained earnings because they are prior period error.
d. The changes in fair value of contingent consideration classified as equity shall be retroactively adjusted
to goodwill/gain on bargain purchase because they are measurement period adjustments.

19. Which of the following accounting treatments for costs related to business combination is incorrect?
a. Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other
professional and consulting fees; and general administrative costs. Including the costs of maintain an
internal acquisition department shall be recognized as expense in the Profit/Loss in the period in which
the costs are incurred.
b. The costs related to issuance of stocks or equity securities shall be deducted/debited from any share
premium from the issues and any excess is charged to “share issuance cost” reported as contract-equity
account against either (1) share premium from other share issuance or (2) retained earnings
c. The costs related issuance of financial liability at fair value through profit or loss shall recognized as
expense while those related to issuance of financial liability at amortized cost shall be recognized as
deduction from the book value of financial liability or treated as discount on financial liability to be
amortized using effective interest method.
d. The costs related to the organization of the newly formed corporation also known as pre-incorporation
costs shall be capitalized as goodwill or deduction from gain on bargain purchase.

20. Which of the following statement is true in relation to business combination?

a. A business combination is a transaction or other event in which an acquirer obtains control of one or
more businesses.
b. The acquisition method of accounting must be applied to all business combinations.
c. The acquirer is the entity that obtains control of the acquiree.
d. All of these statements are true in relation to business combination.

21. Which of the following situation would require the use of the acquisition method in a business
combination?
a. The acquisition of a group of assets.
b. The formation of a joint venture.
c. The purchase of more than 50% of a business.
d. All of the above would require the use of the acquisition method.

22. It is a business combination in which all of the combining entities or businesses are ultimately controlled
by the same party or parties both before and after the combination and control is not transitory.
a. Business combination involving entities under common control
b. Business combination involving entities diversified control
c. Full business combination
d. Business reorganization

23. The acquisition method of accounting for a business combination requires all, except
a. Identifying the acquirer.
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Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA
b. Determining the acquisition date.
c. Recognizing and measuring the identifiable assets acquired, the liabilities assumed and the
noncontrolling interest in the acquire at carrying amount.
d. Recognizing goodwill or gain from bargain purchase.

24. Which of the following is not one of the steps in accounting for an acquisition?
a. Prepare proforma financial statements prior to acquisition.
b. Determine the acquisition date.
c. Identify the acquirer
d. Expense the costs and general expenses of the acquisition in the period of acquisition.

25. Which statement is incorrect concerning acquirer?

a. In a business combination effected by transferring cash or other assets, the acquirer is usually the entity
that transfers the cash or other assets.
b. In a business combination effected by issuing equity interest, the acquirer is usually the entity that
issues the equity interest.
c. The acquirer is usually the combining entity whose relative size is significantly greater than that of the
combining entity or entities.
d. If a new entity is formed to issue equity interests to effect a business combination, the new entity
formed is necessarily the acquirer.

26. In identifying the acquirer in a business combination, all of the following are considered, except
a. The terms of exchange of equity securities
b. The relative amount of intangible assets on the individual entity financial statements
c. The relative voting in the combined entity after combination
d. The composition of the governing body of the combined entity

27. What date should be used as the acquisition date for a business combination?
a. The date when the acquirer signs the contract purchase the business.
b. The date when the acquirer obtains control of the acquire
c. The date when all contingencies related to the transaction are resolved
d. The date when the acquirer purchased more than 20% of the stock of the acquire

28. When should an acquirer derecognize a contingent liability recognized as the result of an acquisition?
a. When it becomes more likely than not that the entity will not be liable.
b. When the contingency is resolved.
c. At the end of the year of acquisition.
d. When it is reasonably possible that the liability will not require payment.

29. In a business combination, goodwill is measured as

a. The consideration transferred minus the identifiable net asset acquired.
b. The total of the consideration transferred plus the amount of any noncontrolling interest in the acquiree
minus the identifiable net assets acquired.
c. The total of the consideration received plus the fair value of the previously held interest in the acquiree
minus the identifiable net assets acquired.
d. The total of the consideration transferred , plus the amount of any noncontrolling interest on the
acquiree plus the fair value of previously held interest in the acquiree minus the identifiable net assets
acquired.

30. How should an entity account for the incomplete information on preparing the financial statements
immediately after the acquisition?
a. Do not record the uncertain items until complete information available
b. Record a contra account to the investment account for the amounts involved
c. Record the uncertain items at the carrying amount of the acquiree
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Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA
d. Record the uncertain items at a provisional amount measured at the date of acquisition

31. When does the measurement period end for a business combination in which there waaas incomplete
accounting information on the date of acquisition?
a. When the acquirer receives the information or one year from the acquisition date, whichever occurs
earlier.
b. On the final date when all contingencies are resolved.
c. Thirty days from the date of acquisition
d. At the end of the reporting period in the year of acquisition.

Part II: Problem Solving

PROBLEM 1. IDEAL corporation is a company involved in manufacturing mining equipment/ at the beginning
of the year, the board of directors of the said company has decided to enter into a business combination with
SUPERIOR Corporation and BRIGHT Corporation, top suppliers of materials in the mining industry which they
use in production. The said acquisition is expected to result in producing higher quality mining equipment with
lower total cost. The deal was closed on February 28, 2016 and the following information was gathered from the
books of the entities:

IDEAL SUPERIOR BRIGHT

Current assets P8,250,000 P2,340,000 P1,560,000

Noncurrent assets 18,750,000 15,300,000 10,200,000
Total assets P27,000,000 P17,640,000 P11,760,000

Liabilities P1,950,000 P1,260,000 P840,000

Ordinary shares, P100 par 16,491,000 10,681,200 7,120,800
Share premium 1,059,000 1,018,800 679,200
Retained earnings 7,500,000 4,680,000 3,120,000
Total equities P27,000,000 P17,640,000 P11,760,000

IDEAL, who has the legal and economic entity, will issue 135,000 of its ordinary shares in exchange for the
acquisition of SUPERIOR and 67,200 of its ordinary shares in exchange for the acquisition of BRIGHT. The fair
value of IDEAL’s shares is P150. In addition, the following adjustments should be made to the current assets of
Superior and Bright which has a fair value of P2,700,000 and P1,380,000, respectively. The noncurrent assets has
a fair value of P12,900,000 and P11,850,000 for Superior and Bright, respectively.

Compute for the following balances in the books of the surviving company on the date of acquisition:

1. Stockholder’s equity
a. 25,050,000
b. 55,380,000
c. 53,070,000
d. 57,690,000

2. Assets
a. 61,740,000
b. 55,440,000
c. 55,830,000
d. 56,400,000

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 LYCEUM OF SUBIC BAY
Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA
PROBLEM 2. The Statement of Financial Position of LUMINA Corporation on June 30, 2016 is presented
below:

Current assets P195,000

Land 1,320,000
Building 660,000
Equipment 525,000
Total assets P2,700,000

Liabilities 525,000
Ordinary shares, P5 par 900,000
Share premium 825,000
Retained earnings 450,000
Total equities P2,700,000

All the assets and liabilities of Lumina assumed to approximate their fair values except for land and building. It
is estimated that the land have a fair value of P2,100,000 and the fair value of the building increased by P480,000.
Enigma corporation acquired 80% of Lumina’s outstanding shares for P3,000,000. The non-controlling interest
is measured at fair value.

1. Assuming the consideration paid includes control premium of P852,000, how mush is the goodwill/(gain on
acquisition) on the consolidated financial statement?
a. 315,000
b. (750,000)
c. 102,000
d. 252,000

2. Assuming the consideration paid excludes control premium of P138,000 and the fair value of the non-
controlling interest is P736,500, how much is the goodwill/(gain on acquisition) on the consolidated financial
statement?
a. 469,500
b. 439,500
c. 301,500
d. 448,500

3. Assuming the consideration paid includes control premium of P222,000, how much is the goodwill/(gain on
acquisition) on the consolidated financial statement?
a. 259,500
b. 439,500
c. 340,500
d. 410,100

PROBLEM 3. Great Company has gained control over the operations of Superb Corporation by acquiring 85%
of its outstanding capital stock for P15,480,000. This amount includes a control premium of P180,000.
Acquisition expenses, direct and indirect, amounted to P498,000 and P252,000 respectively.

Great Superb

Book Value Book Value

Cash P21,249,000 P768,000
Accounts receivable 1,800,000 1,950,000
Inventories 3,300,000 2,160,
Prepaid expenses 891,000 750,000

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Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA
Land 14,100,000 5,274,000
Building 9,360,000 3,348,000
Equipment 1,800,000 1,110,000
Goodwill - 1,800,000
Total assets P52,500,000 P17,160,000

Accounts payable 4,050,000 1,518,000

Notes payable 8,400,000 4,380,000
Ordinary shares, 50 par 20,400,000 4,800,000
Share premium 9,450,000 3,600,000
Retained earnings 10,200,000 2,862,000
Total equities P52,500,000 P17,160,000

The following were ascertained on the date of acquisition for the Acquired Corporation:

 The value of receivables and equipment has decreased by P150,000 and P84,000 respectively.
 The fair value of inventories are now P2,616,000 whereas the value of land and building have increased
by P2,826,000 and P642,000 respectively.
 There was an unrecorded accounts payable amounting to P162,000 and the fair value of nots is P4,428,000.

Compute for the following balances to be presented in the consolidated statement of financial position on the date
of business combination:

1. Total assets
a. 73,500,000
b. 60,558,000
c. 61,308,000
d. 76,788,000

2. Total shareholder’s equity

a. 42,000,000
b. 45,000,000
c. 39,300,000
d. 40,050,000

PROBLEM 4. On January 2, 2016, the Statement of Financial Position of Aden Company and Wonder Company
immediately before the combination are:

Arden Co. Wonder Co.

Cash P 2,700,000 P 90,000
Inventories 1,800,000 180,000
Property and equipment (net) 4,500,000 630,000
Total Assets P 9,000,000 P 900,000

Current Liabilities P 540,000 P 90,000

Ordinary shares, P100 par 900,000 90,000
Share premium 2,700,000 180,000
Retained Earnings 4,860,000 540,000
Total Liabilities and Stock holder’s equity P 9,000,000 P 900,000

The fair value of Wonder Company’s equipment is P918,000.

Assume the following independent cases:

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 LYCEUM OF SUBIC BAY
Subic Bay Freeport Zone
Advanced Financial Accounting Review Allan B. Santos CPA

1. Assuming Arden Company acquired 80% of the outstanding shares of Wonder Company for P820,800 and
non-controlling interest is measured at the proportionate share of Wonder Company’s identifiable net assets,
how much is the consolidated stockholder’s equity on the date of acquisition?
a. 8,460,000
b. 8,517,600
c. 8,679,600
d. 8737,200

2. Assuming Arden Company acquired 90% of the outstanding shares of Wonder Company for P1,458,000 and
non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of
acquisition?
a. 9,252,000
b. 10,710,000
c. 10,422,000
d. 8,964,000

PROBLEM 5. Clark Company’s stockholders’ equity as of December 31, 2015 is P7,308,000. On January 1,
2016 Clark acquires 30% of Rome Company’s ordinary shares for P540,000 cash and by issuing its own shares
with fair value of P1,350,000. Clark acquired significant influence over Rome as a result of the stock acquisition.
After four months, Clark purchases another 60% of Rome’s ordinary shares for a cash payment of P3,942,000.
On this date, Rome report is identifiable assets which carrying value of P6,480,000 and fair value of P11,520,000
and it has liabilities with a book value and a fair value of P3,240,000.

At the acquisition date, net loss reported by Rome for the four-month ended amounted to P900,000. The fair value
of the 10% non-controlling interest is P1,296,000. Non-controlling interest is valued using the proportionate basis.
Clark also paid the following: P90,000 for legal fees, P72,000 for finder’s fee, P77,400 for accountant’s fee,
P64,800 for audit fee for SEC registration of stock issued and P19,800 for printing of stock certificates.

Immediately after the business combination, how much is the consolidated total equity?
a. 9,954,000
b. 10,782,000
c. 10,431,000
d. 9,243,000

PROBLEM 6. Blue Co. merged into Soda Corp. on June 30, 2016. In exchange for the net assets at fair market
value of Blue Co. amounting to P2,785,800, Soda issued 68,000 ordinary shares at P36 par value, with a market
price of P41 per share. Relevant data on ordinary shareholders’ equity immediately before the combination show:

Soda Blue
Share capital 8,790,000 2,030,000
Share premium 3,834,000 782,000
Retained earnings (deficit) (1,516,000) 495,000

Out of pocket costs of the combination were as follows:

 Legal fees for the contract of business combination 174,700
 Audit fee for SEC registration of stock issue 198,400
 Printing costs of stock certificates 144,900
 Broker’s fee 135,000
 Accountant’s fee for pre-acquisition audit 161,000
 Other direct cost of acquisition 90,400
 General and allocated expenses 115,300
 Listing fees in issuing new shares 172,000

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Advanced Financial Accounting Review Allan B. Santos CPA

 Included as part of the acquisition agreement is the additional cash consideration of P163,000 in the event
Soda Co.’s share price will reach P32 per share by year-end.
 At acquisition date, the share price is P27.50, and increased by P4,80 by December 31, 2106.
 At acquisition date, there was only a low probability of reaching the target share price, so the fair value of
the additional consideration was determined at P74,000.

What is the amount of expense to be recognized in the statement of comprehensive income for the year
ended December 31, 2016?

a. 676,400
b. 851,700
c. 765,400
d. 940,700

PROBLEM 7. On January 1,2016, VECTOR acquired 90% of the equity share capital of FERN in a share
exchange in which Vector issued two new shares for every three shares it acquired in Fern. Additionally, on
December 31, 2016, Vector will pay shareholders of Fern P13.2 per share acquired. Vector’s cost capital is 10%
per annum. At the date of the acquisition, shares in Vector and Fern had a stock market value of P48.75 and
P18.75 each, respectively. Income statement for the year ended September 30, 2016

Vector Fern
Revenue P4,845,000 2,850,000
Cost of sales (3,840,000) (1,950,000)
Gross profit 1,005,000 900,000
Distribution cost (102,000) (130,500)
Administrative expenses (285,000) (180,000)
Investment income 37,500 ----1
Finance cost (31,500) ----
Profit before tax 624,000 589,500
Profit for the year 414,000 469,500

Equity as at October 1, 2015

Equity shares of P7.50 each 1,800,000 562,500
Retained earnings 4,050,000 2,625,000

At the date of acquisition, the fair values Fern’s assets were equal to the carrying amount with the exception of
Land which had a fair value of P135,000 above its carrying amount. Also, Fern had a contingent liability which
Vector estimated to have a fair value of P337,500. This has not changed as at 30 September 2016. Fern has not
incorporated these fair value changes into its financial statements. Vector’s policy is to value the non-controlling
interest fair value at the date of acquisition. For this purpose, Fern’s share price at the date can be deemed to be
representative of the fair value of the shares held by the non-controlling interest.

Compute the goodwill (gain on acquisition) resulting on the date of acquisition

a. (160,500)
b. 235,125
c. 211,613
d. 42,000

END

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