Advanced Financial Accounting 8th Edition

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The eighth edition of Advanced Financial Accounting is an up-to-date, comprehensive, and highly illustrated presentation of the accounting and reporting principles used in a variety of business entities. The new edition continues to provide strong coverage based on continuous case examples that tie all of the disparate details of Advanced Accounting together for the students. The text is highly illustrated with complete presentations of worksheets, schedules, and financial states so that students can see the development of each topic. Inclusion of all recent FASB and GASB pronouncements and the continuing deliberations of the authoritative bodies provide a current and contemporary text for students preparing for the CPA Exam and current practice. The book's building block approach introduces concepts with simple examples and then gradually introduces complexity, allowing students to easily keep pace with the material. Salient Features Integration of new FASB standards on business combinations and consolidated financial statements: The FASB recently issues two new standards that have a significant effect on accounting for business combinations and the presentation of consolidated financial statements. FASB 141R mandates the use of the acquisition method in accounting for business combinations and makes a number of significant changes that affect accounting for business combinations and the preparation of consolidated financial statements. FASB 160 makes a number of significant changes relating to consolidated financial statements, such as how consolidated net income is calculated and the way in which the noncontrolling interest is reported. Students can practice and learn these new standards through the end-of-chapter materials. Inclusion of conceptual aspects of consolidation theories and issues: Students need a strong foundation in the underlying concepts of consolidation theories and issues. The 8th edition (Chapter 3) provides this conceptual foundation, discussing the change in approach represented in the new standards and summarizing the related issues still being deliberated by the FASB. Expanded discussion on International Financial Reporting Standards (IFRS). The SEC recently decided to allow foreign private issuers to submit financial statements prepared according to IFRS without reconciliation to U.S. GAAP. This edition discusses the issues related to convergence and the incentives driving convergence. Integration of the Revised Uniform Partnership Act: The model Revised Uniform Partnership Act (RUPA), or a significant adaptation, has now been adopted in about 40 states, with additional states in the process of evaluating the model. Chapters 15 and 16 discuss and illustrate the essential provisions of RUPA. Coverage of governmental and not-for-profit financial statements and disclosures: This coverage is updated for recent GASB and FASB standards, and the discussion and end-of-chapter materials are enhanced to better illustrate how the accounting and reporting standards affect the financial statements and other elements of the entities' annual reports. Additional real-world examples throughout the text: Additional real-world examples have been added throughout the chapters to illustrate how the topics covered are applied in a dynamic business environment. Revised end-of-chapter material: End-of-chapter material has been revised with many new and updated cases, Kaplan Review CPA Simulations, which allow students to practice CPA exam-like problems through a simulation of the CPA exam interface and supplemental problems that can be found on the book's website. Building-block approach: This approach provides students with a thorough conceptual understanding of each topic before advancing to the procedures. Once this conceptual foundation is established, the complexities are layered gradually in successive steps. Comprehensive Continuous Case Approach: This approach provides students with the ability to see how each successive step affects the financial reporting model of an entity. Clear writing style: Although each chapter has been revised and/or updated, extensive efforts have been made to ensure retention of the clear writing style that adopters and reviewers have valued very highly has been preserved. Extensive illustrations: Extensive illustrations of thetopics in each chapter assist the students' learning efforts by providing clear and complete examples of worksheets (with all eliminating entries presented), financial statements, and schedules to serve as comprehensive contexts for the topics being discussed. Cases: Cases appear at the end of each chapter requiring students to write essay-type responses in response to alternative viewpoints, or justify a specific accounting decision. Students are asked to explain their reasoning and often are asked to use library or internet research tools and materials in support of their answers. Flexible: The book is written with flexibility in mind. The chapters are self-contained and may be rearranged without penalty. Additional Considerations sections within the chapters allow instructors to explore topics in greater depth if they choose. Study Guide: The study guide for the text is written by the authors of the text to ensure full integration and compatible presentation of the topics. The Study Guide for the Eighth edition has been revised to reflect all the updates and enhancements in the textbook coverage, and provides a terrific learning tool for students. CPA Exam: Because Advanced Financial Accounting is often taken by students who plan to take the CPA Examination, numerous end-of-chapter materials are provided in the formats used for testing on the CPA Examination.A wide variety of multiple-choice questions and cases requiring database research and written presentations are provided.