Suncorp Limited acquired a 15% interest in Milton Pty Ltd on 1 January 2014.On 15 September 2014 it acquired an additional 25% interest,and on 15 March 2015 a further 15%.Under AASB 3,a business combination occurs on:
A)1 January 2014.
B)15 September 2014.
C)15 March 2015.
D)all of the above.

Question

Quizplus · Accepted Answer

A business combination occurs when an entity gains control over another entity. Suncorp Limited gained control over Milton Pty Ltd on 15 March 2015 when its interest increased to 55%.

Suncorp Limited Acquired a 15% Interest in Milton Pty Ltd