Final answer:
The statement about measuring noncontrolling interest solely based on the fair value of the acquiree's identifiable assets and liabilities is false. It is measured at fair value or the noncontrolling interest's share of the acquiree's net identifiable assets. The full or partial goodwill method can be used for its measurement.
Step-by-step explanation:
The statement about the noncontrolling interest (also known as minority interest) being measured as the minority interest in the fair value of the acquiree's identifiable assets and liabilities as determined by the acquirer at the acquisition date is false. According to the current accounting standards, specifically the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), noncontrolling interest should be reported at fair value or at the noncontrolling interest's proportionate share of the acquiree's net identifiable assets. This measurement can be performed using the full goodwill method or the partial goodwill method. The full goodwill method calculates goodwill as the difference between the purchase consideration for the controlling interest, the fair value of the noncontrolling interest, and the fair value of the identifiable net assets. The partial goodwill method involves only the proportion of the goodwill attributable to the parent.