Description

For undergraduate and graduate courses in advanced accounting.

Practical learning and real-world application in accounting

Advanced Accounting is an in­-depth guide to accounting that reflects the most up-­to-­date business developments. This comprehensive textbook addresses practical financial reporting problems while reflecting recent business developments and changes in accounting standards. The 13th Edition offers a better teaching and learning experience by providing real-world context. Students learn how to apply key accounting concepts through studying real­-world examples, such as reports from popular companies, and up-­to­-date coverage of businesses. Accounting students and accounting practitioners alike will find this text useful in preparing or analyzing consolidated financial statements, accounting for derivative securities, and governmental and not-for-profit accounting and reporting.

Features

Learning with real­-world content

• Real-world examples explain accounting via excerpts from the popular business press and references to familiar real­-world companies, institutions, and events. Some companies featured include American Airlines, Compaq Computer Corporation, and DaimlerChrysler.

• Annual report examples are taken from annual reports of well­-known companies and governmental and non­profit institutions to illustrate key concepts and maintain student interest. Companies highlighted in the text include Sea Corporation, Pac Corporation, and Acme Corporation.

Materials tailored to your needs

• Easily customizable resources allow teachers to fit the text to the syllabus and to each chapter. They can also add their own material or third-­party content.

• Learning objectives at the end of all chapters allow students to focus their study time on the important concepts, and provide references to a listing of official pronouncements.

The latest information

• NEW! Alignment with industry standards ensures the text reflects the Financial Accounting Standards Board Accounting Standards Codification and the Governmental Accounting Standards Board Codification.

• NEW! Governmental and not-for-profit coverage includes all standards through GASB No. 70. These chapters are enhanced with illustrations of the financial statements from Golden, Colorado. Coverage includes the new financial statement elements (deferred inflows and outflows), the new pension standards, as well as an exhibit with t­-accounts to help students follow the governmental fund transactions and their financial statement impact.

• NEW! Fiduciary accounting coverage for estates and trusts reflects current taxation of these entities as of December 31, 2013, with assignment materials to enhance student learning.

• UPDATED! Current company financial reports include foreign trade stats and keep the material relevant.

• UPDATED! Up-to-date currency quotations reflect recent currency changes.

• NEW! Professional Research assignments in end of chapter materials require students to access the authoritative literature and offer up-to-date solutions as of May, 2016.

• NEW! Coverage of financial reporting problems encountered in consolidated financial statements, goodwill, other intangible assets, and derivative securities is included. The text also covers foreign currency transactions and translations, partnerships, corporate liquidations and reorganizations, governmental accounting and reporting, not-for-profit accounting, and estates and trusts.

• UPDATED! Improved text readability allows students to focus on accounting concepts rather than bookkeeping techniques in learning the consolidation materials.

New to this Edition

The latest information

• Alignment with industry standards ensures the text reflects the Financial Accounting Standards Board Accounting Standards Codification and the Governmental Accounting Standards Board Codification.

• Governmental and not-for-profit coverage includes all standards through GASB No. 70. These chapters are enhanced with illustrations of the financial statements from Golden, Colorado. Coverage includes the new financial statement elements (deferred inflows and outflows), the new pension standards, as well as an exhibit with t­-accounts to help students follow the governmental fund transactions and their financial statement impact.

• Fiduciary accounting coverage for estates and trusts reflects current taxation of these entities as of December 31, 2013, with assignment materials to enhance student learning.

• Current company financial reports include foreign trade stats and keep the material relevant.

• Up-to-date currency quotations reflect recent currency changes.

• Professional Research assignments in end of chapter materials require students to access the authoritative literature and offer up-to-date solutions as of May, 2016.

• Coverage of financial reporting problems encountered in consolidated financial statements, goodwill, other intangible assets, and derivative securities is included. The text also covers foreign currency transactions and translations, partnerships, corporate liquidations and reorganizations, governmental accounting and reporting, not-for-profit accounting, and estates and trusts.

• Improved text readability allows students to focus on accounting concepts rather than bookkeeping techniques in learning the consolidation materials.

Table of Contents

1. Business Combinations

2. Stock Investments–Investor Accounting and Reporting

3. An Introduction to Consolidated Financial Statements

4. Consolidation Techniques and Procedures

5. Intercompany Profit Transactions–Inventories

6. Intercompany Profit Transactions–Plant Assets

7. Intercompany Profit Transactions–Bonds

8. Consolidations–Changes in Ownership Interests

9. Indirect and Mutual Holdings

10. Subsidiary Preferred Stock, Consolidated Earnings per Share, and Consolidated Income Taxation

11. Consolidation Theories, Push-Down Accounting, and Corporate Joint Ventures

12. Derivatives and Foreign Currency: Concepts and Common Transactions

13. Accounting for Derivatives and Hedging Activities

14. Foreign Currency Financial Statements

15. Segment and Interim Financial Reporting

16. Partnerships–Formation, Operations, and Changes in Ownership Interests

17. Partnership Liquidation

18. Corporate Liquidations and Reorganizations

19. An Introduction to Accounting for State and Local Governmental Units

20. Accounting for State and Local Governmental Units–Governmental Funds

21. Accounting for State and Local Governmental Units–Proprietary and Fiduciary Funds

22. Accounting for Not-for-Profit Organizations

23. Estates and Trusts