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Since the inception of the corporate form of organization, business enterprises have found it beneficial to combine operations to achieve economies of scale. These combined operations can vary from corporate joint ventures in which two or more corporations join together as a partnership for a project, such as drilling an offshore oil well, to the acquisition of one company by another. Accounting for the acquisitions of companies is complicated, because various terms may be used to describe them. Such terms as consolidation, combination, merger, and purchase have all been used interchangeably even though they are not all the same, and some are sub classifications of others. In this chapter we focus on three aspects of accounting for multiple entities:

1- the acquisition of one company by anotherbusiness combination.

2-the reporting of parent and subsidiary relationshipsconsolidations and segment reporting.

3-foreign currency translation for international subsidiaries.

Required:

Discuss the above paragraph