Final answer:
It is true that GAAP accounting requirements apply to an acquiree's interperiod income tax items and employee benefit arrangements in a business combination covering financial items like net operating losses, credit carryforwards, and pre-existing benefits obligations.
Step-by-step explanation:
The statement that existing GAAP accounting requirements apply to an acquiree's interperiod income tax items and employee benefit arrangements which are acquired in a business combination is true. When a business combination occurs, the acquiring company must account for the acquired entity's financials according to GAAP standards. This includes the handling of interperiod tax allocations which may involve items such as net operating losses or credit carryforwards, as well as obligations related to employee benefits that are pre-existing at the acquiree. Therefore, GAAP accounting requirements including those pertaining to taxes and employee benefits must be applied to the acquiree's financials in the context of a business combination.