For the purposes of recognising property, plant and equipment assets the acquisition date is the date:

A) the consideration is paid.
B) on which the acquirer obtains control of the asset.
C) the contract to exchange assets is signed.
D) on which the contract to acquire the asset becomes unconditional.

Acquisition Date

The specific date on which one company gains control over another, marking the point from which the acquiree's financial performance starts being included in the acquirer's financial statements.

Consideration

The value, typically expressed in monetary terms, given in exchange for goods, services, or for entering into a contract.

Control

The power to direct the financial and operating policies of an entity with a view to gaining economic benefits from its activities.