Welcome to the University of Illinois online course for Advanced Financial Reporting. My name is Michael Kustanovich, and I will be your instructor. In this course, we will discuss in depths the accounting for business combinations, situations in which one company acquires control of another company, and also how to prepare and understand the consolidated financial statements that should be prepared by the acquirer subsequent to the business combination data. This course provides guidance on how to apply the recognition and measurement principals in Accounting Standard Codification Topic 805: Business Combinations. The topics covered in this course include among others: The difference between asset acquisition in business combination, different major structures in which the accounting acquirer should be identified, measurement and recognition of assets acquired and liabilities assumed, including the calculation of goodwill and therefore taxes on the acquisition date, as well as different types of consideration transport in a business combination. In addition, this course will help you understand and apply the reporting guidance in Accounting Standard Codification Topic 810: Consolidation. After the completion of this course, you will be able to prepare the consolidated financial statements and make all the necessary consolidation adjustments, such as for inter-company transactions and non-controlling interest. In this course, we will also cover some other related topics such as business combinational achieving stages, changes in the percentage of ownership in the subsidiary including the consolidation accounting, segment reporting, and goodwill impairment test. I am really excited to be your instructor, and I hope you will enjoy this course and will improve your technical accounting knowledge.