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Unformatted text preview: will manage the administrative and operational activities of Britel including hiring and terminating employees. Because Centcom has the power to govern the financial and operating policies of Britel, under an agreement they can consolidate Britel under IFRS. According to IFRS 3 paragraph 3, a business combination is identified as long as the assets acquired and liabilities assumed constitute a business. Under Centcom and Britels agreement Centcom is required to fund any shortfalls creating a liability for Centcom whereas TTL Group has no responsibility to fund Britels operations....
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This note was uploaded on 11/30/2010 for the course ACCT acct 4330 taught by Professor Gamble during the Spring '10 term at University of Houston.
- Spring '10