The step-by-step method,where the need to revalue the subsidiary's assets,liabilities and contingent liabilities to fair value at each acquisition date,is not an indication that the acquirer has elected to apply the revaluation method for measuring assets,such as that prescribed by AASB 116 is no longer permitted by accounting standards.

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The step-by-step method requires the revaluation of the subsidiary's assets, liabilities, and contingent liabilities to fair value at each acquisition date, but this does not mean that the acquirer has elected to apply the revaluation method for measuring assets as prescribed by AASB 116.

The Step-By-Step Method,where the Need to Revalue the Subsidiary's Assets,liabilities