please answer in essay form .

QUESTION ONE 25 MARKS CASE STUDY READ THE CASE STUDY AND ANSWER THE QUESTIONS THAT FOLLOW: PALO ALTO, Calif., February 22, 2024--(BUSINESS WIRE)--GigCapital5, Inc. ("GigCapital5") (NASDAQ: GIA) today announced that at the Annual Meeting of GigCapital5's stockholders (the "Annual Meeting") held on February 20, 2024, GigCapital5's stockholders voted to approve the previously announced proposed business combination between GigCapital5, QT Imaging, Inc. ("QT Imaging") and QTI Merger Sub, Inc. ("Merger Sub"), as well as all other proposals related to the Business Combination. GigCapital5 plans to file the results of the Annual Meeting, as tabulated by an independent inspector of elections, on Form 8-K with the Securities and Exchange Commission today... GigCapital5, Inc. Announces Shareholder Approval of Business Combination (yahoo.com) https://finance.yahoo.comews/gigcapital5-inc-announces-shareholder-approval- 140000377.html?quccounter=1&guce referrer=aHROcHM6Ly93d3cuYmluZy5jb20v&guce_referrer sig=AQAAAGWQK8MMI-FHHVflKg4kqi0yvirNypX5YZz09JcDktBUOvBa- FPocYTrD2tByPeN4ph6SmitT6LzFpy0239_MmcQCIBBXyaY1zsG- h9XoluDgal4rkv7ptUmfoW1LynUNTOG5vpvUqNeHL9ysdVhxAK5UAjzimq25GxGbopfiG 1 Required: (25 Marks) Discuss the importance of accounting for groups in financial reporting and analysis. In your response, address the following points: 1. Define what constitutes a business combination and explain its significance in the context of group accounting. Analyse the parent-subsidiary relationship and its implications for financial reporting, including consolidation procedures and disclosure requirements. 3. Evaluate the specific issues that arise in accounting for groups, such as the treatment of intra-group transactions, goodwill recognition, and regulatory compliance. 4. Discuss the challenges and complexities associated with applying the acquisition method in consolidating financial statements, focusing on the recognition and measurement of goodwill. 5. Provide examples or case studies to illustrate the practical application of group accounting principles and their impact on financial statements and decision-making processes. In your essay, demonstrate a comprehensive understanding of the concepts, principles, and techniques involved in accounting for groups, and consider the broader implications for stakeholders, including investors, regulators, and management