Table:
|  | CONSOLIDATED |  |
| --- | --- | --- |
|  | 2019 $’000 | 2018 $’000 |
| Reserves |  |  |
| Share-based payment reserve | 3,960 | 3,198 |
| Business combination reserve | 5,571 | 5,571 |
| Foreign currency translation reserve | (12) | (24) |
|  | 9,519 | 8,745 |
Paragraphs:
4.2 Equity (continued)
Share buy-back
A buy-back is the purchase by a company of its existing shares. Refer to note 4.3 for further details.
Share-based payment reserve
This reserve records the value of shares under the Long Term Incentive Plan, and historical Employee and CEO Share Option plans offered to the CEO, Executives and employees as part of their remuneration. Refer to note 5.2 for further details of these plans.
Business combination reserve
The internal group restructure performed in the 2007 financial year, which interposed the holding company, iSelect Limited, into the consolidated group was exempted by AASB 3 Business Combinations as it precludes entities or businesses under common control. The carry-over basis method of accounting was used for the restructuring of the iSelect Group. As such, the assets and liabilities were reflected at their carrying amounts. No adjustments were made to reflect fair values, or recognise any new assets or liabilities. No goodwill was recognised as a result of the combination and any difference between the consideration paid and the ‘equity’ acquired was reflected within equity as an equity reserve titled “Business Combination Reserve”.
Foreign currency translation reserve
Refer to Note 1.5 for further details.
Question:
Which method of accounting was used for the restructuring of the iSelect Group?
Answer: carry-over basis method of accounting