Advanced Accounting

NEW TO THIS EDITION:

• The new edition is available with myBusinessCourse™, an easy-to-use online platform that helps students learn accounting. It includes auto-graded homework, integrated Microsoft Excel® assignments, and engaging, author-created videos that reinforce key concepts. Designed to complement classroom instruction, it offers interactive tools that build understanding, improve retention, and boost student readiness for the CPA Exam and their entry into the professional world. And it works—95.5% of students said it helped them learn accounting.
• Comprehensive Updates: Fully revised for 2025 standards, proposals, and events, with updated illustrations, practices, and reporting perspectives.
• Chapter-Specific Enhancements:
  •  Clarifications on key topics like debt investments, asset acquisitions, VIE consolidation, goodwill impairment, hedge effectiveness, and governmental accounting.
  • New business applications on topics such as diversity in practice, acquired technology assets, inflationary subsidiaries, interest rate swaps, and CPA firm structures.
  • Updates on IFRS vs. GAAP, SEC activities, cybersecurity disclosures, and critical audit matters (CAMs).
• New Companies and Exercises: Introduction of new chapter companies (e.g., Vail Resorts, Big Lots, Akorn Pharmaceuticals) and over 180 revised end-of-chapter exercises and problems.
  
  

• Conceptual Focus: Explains the logic behind reporting standards by connecting business activities, reporting goals, and procedures in clear, student-friendly language. Real-world illustrations from financial statements enhance understanding and prepare students to apply evolving standards in their careers.
• Logical Flow of Topics: Chapters are organized to reflect a natural progression of advanced accounting topics:
  • Mergers and acquisitions (Chapters 1–7)
  • International subsidiary translation, foreign currency transactions, and financial derivatives (Chapters 7–9)
  • State and local government and not-for-profit reporting (Chapters 10–13)
  • Partnerships, bankruptcy, and SEC reporting (Chapters 14–16)
• Real Company Illustrations: Each chapter features a focus company (e.g., IBM, Kellogg, Las Vegas Sands) to demonstrate practical applications of accounting concepts, with additional examples from industry practices.
• Emphasis on Current Issues and Trends: Includes Reporting Perspectives and Business Applications to explore ethical considerations, strengths and weaknesses of standards, and real-world controversies. IFRS discussions and examples are integrated throughout relevant chapters.
• Comprehensive Coverage of Business Combinations: Focuses on the measurement aspects of combinations, including acquisition cost, noncontrolling interests, and intercompany eliminations. Step-by-step explanations simplify consolidation procedures, starting with the full equity method.
• Robust Pedagogy:
  •  In-Chapter Review Problems: Reinforce concepts with solutions provided after assignments.
  • Learning Objectives and Review of Key Concepts: Highlight primary outcomes and summarize major topics.
  • Extensive End-of-Chapter Material: Includes questions, exercises, and problems of varying difficulty, with some requiring real company data. Progressive problem sets build on prior chapters for deeper understanding.
• Practical Class Projects: Comprehensive problems, such as the Lake County and Hot Springs County cases, guide students through financial statement preparation for governmental funds and government-wide reconciliations, suitable for individual or group assignments.