Answer:
It is true that in a business combination, an acquirer may recognize identifiable assets not previously recognized by an acquired firm, reflecting the fair value of both tangible and intangible assets.
Step-by-step explanation:
The statement is true. In a business combination, such as a corporate merger or an acquisition, the acquirer may indeed recognize identifiable assets not previously recognized by the acquired firm. This can occur because the acquirer is assessing the fair value of the assets and liabilities of the acquired company as part of the combination process. Identifiable assets include both tangible and intangible assets such as patents, trademarks, customer lists, and brand value that might not have been on the balance sheet of the acquired company. The goal is to reflect the actual value of these assets that the acquirer is now controlling.