Explain the concept of accounting for business combinations under IFRS $3$ or ASC $805.$ Discuss the procedures for measuring and recognizing acquired assets and liabilities, goodwill, and non$-$controlling interests.

Business combinations involve acquiring control over another entity. Describe the procedures for accounting for business combinations under IFRS $3$ or ASC $805,$ including the identification of the acquirer and the acquisition date. Explain how acquired assets and liabilities are measured at fair value and how goodwill is recognized as the excess of the purchase price over the fair value of net assets acquired. Discuss the treatment of non$-$controlling interests, which represent the portion of equity in the acquiree not owned by the acquirer, and how they are presented in consolidated financial statements.