Mergers, acquisitions, and other types of business combinations are a common strategy among companies to grow their businesses or diversify their risk. Entering into business combinations can help companies reach new geographic markets, expand product offerings, or achieve various synergies. Business combinations offer a number of benefits to the parties involved, but the initial accounting for the business combination can be complicated and often requires extensive time and effort. In this second course of our six-course series on Business Combinations, we will cover the final review process related to the initial accounting for a business combination, discussing the general recognition and measurement principles for common elements that are acquired in a business combination, including the clarifying guidance within Topic 805 for certain assets and liabilities, as well as narrow exceptions to the general recognition measurement principles.