BC80 The 2005 Exposure Draft identified four steps in applying the acquisition method, and it discussed the requirements for applying the acquisition method in terms of those steps:

(a) identifying the acquirer;

(b) determining the acquisition date;

(c) measuring the fair value of the acquiree; and

(d) measuring and recognising the assets acquired and the liabilities assumed.

BC80A In contrast, the revised standards indicate (paragraph 5 of the revised IFRS 3) that applying the acquisition method requires:

(a) identifying the acquirer;

(b) determining the acquisition date;

(c) recognising and measuring the identifiable assets acquired, liabilities assumed and any non‑controlling interest in the acquiree; and

(d) recognising and measuring goodwill or a gain from a bargain purchase.