Explain the process of preparing a consolidated financial statement. Discuss the steps involved in consolidating financial statements, including the elimination of intercompany transactions, the treatment of non$-$controlling interests, and the adjustment for fair value of acquired assets and liabilities.

Preparing consolidated financial statements involves combining the financial results of a parent company and its subsidiaries. Describe the steps for consolidation, including eliminating intercompany transactions and balances, adjusting for fair value of acquired assets and liabilities, and accounting for non$-$controlling interests. Discuss how these adjustments ensure that the consolidated financial statements present a true and fair view of the group$$s financial position and performance.