Abstract
The focus of this paper is to provide a comprehensive overview of financial accounting as it relates to business combinations. Additionally, comparisons have been made with regard to International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP). Inclination for the research is based upon the study of IFRS and US GAAP separately at the collegiate level, having a solid understanding of full consolidation under US GAAP, and the desire to learn more about full consolidation under IFRS. Due to convergence of IFRS with US GAAP on many levels of accounting practices, the overview of full consolidation and logic behind such convergences proves significant in determining usefulness and impact of provided financial data.
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