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Forensic Accounting

How does professional fees incurred in acquiring a subsidiary affects a consolidated financial statement


On October 1st 2006 , Plateau acquired 3mil out of 4mil equity shares in Savannah by an exchange of one share in Plateau for every two share in Savannah plus $1.24 per share acquired in Savannah for cash.  The market price of each share acquired was $6. NCI valued at acquisition was $3.25mil. Fair value of net assets at acquisition was $10mil.  Professional fees of $500000 were incurred in the process. Show how the above transaction would reflect in the consolidated financial statement

asked May 16 in IFRS 3 - Business Combinations by Stephanie Frimpong

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