"In the field of accounting, amalgamation is a complex financial transaction that involves the consolidation of two or more companies into a single entity. As an accounting professional, please provide a detailed response to the following inquiry, shedding light on the intricacies of accounting amalgamation:

Accounting Amalgamation:

Fundamental Concepts: Begin by explaining the fundamental concepts and objectives of accounting amalgamation. What is the primary purpose of amalgamating companies, and how does this process contribute to financial reporting transparency and efficiency?

Types of Amalgamation: Describe the various types of amalgamation, such as amalgamation in the nature of merger and amalgamation in the nature of purchase. What are the key differences between these types, and how do they impact the financial statements of the amalgamating companies?

Treatment of Assets and Liabilities: Explore how assets and liabilities of the amalgamating companies are treated in the accounting process. Explain the principles governing the recognition, measurement, and valuation of assets and liabilities, including goodwill.

Shareholder Equity: Discuss the impact of amalgamation on the equity of shareholders in the amalgamating companies. How is the consideration for amalgamation allocated among the shareholders, and what are the accounting implications of this allocation?