Business combinations can be domestic or international. if a business combination is international, a u. s. parent company's foreign subsidiaries can still conduct business activities in their local currencies. however, consolidated financial statements must be in u. s. dollars. in other words, the currencies of the non-u. s. subsidiaries financial statements must be translated to u. s. dollars. discuss the case for or against the use of the u. s. dollar as a consolidated company's functional currency.