The article provides a guide to financial reporting for business combinations using SFAS 141R, 157, and 160. It discusses the philosophy of fair value, the scope of SFAS 157, and the acquisition method under SFAS 141R. Key points include defining fair value, identifying the acquirer, recognizing and measuring assets and liabilities at fair value, and calculating goodwill in acquisitions. The goal is to help accountants and auditors understand and apply these financial reporting standards effectively.