TARGET AUDIENCE
 Advanced Accounting is intended for use in undergraduate and graduate accounting programs that include a course in advanced accounting as part of the curriculum. This book is especially written for advanced accounting courses in which an intuitive understanding of the material, in addition to accounting mechanics, is emphasized. Feedback from students who used our text, and subsequently completed the Uniform CPA exam, has been extremely positive. They report that they felt well-prepared for the portions of the exam relating to advanced financial accounting topics.
“The examples in this textbook reinforced well the theoretical concepts discussed in the chapters. The understanding I gained after using this textbook helped prepare me well for some of the toughest material in the CPA Exam.”
Jon Slebodnick—Audit Associate, Deloitte
EMPHASIS ON INTUITION
We introduce topics by discussing the intuition behind accounting standards before discussing the mechanics of the accounting process. In addition, we intentionally deemphasize memorization of journal entry mechanics. We believe that this approach allows students to better understand the material and to develop relevant transferrable knowledge.
“The advanced accounting textbook provided a clear and concise presentation of not only how certain accounting concepts are applied, but also why they are important and pertain to us directly.”
Dan Brown—Audit Associate, PriceWaterhouseCoopers
EASY-TO-REMEMBER MNEMONIC
Although our text emphasizes the intuition underlying the consolidation process, we also introduce the C-E-A-D-I (pronounced “Seedy”) consolidation journal entry sequence to assist students in learning the mechanics of consolidation. The sequence systematically eliminates the book value of subsidiary equity (C, E), establishes the fair value adjustments for subsidiary net assets (A, D), and eliminates intercompany transactions and balances (I). Over the years, we’ve observed that this easy-to-remember mnemonic improves students’ understanding of consolidations and allows for easier recall of each step of the consolidation adjustment process.
FASB CODIFICATION THROUGHOUT
We wrote our text after implementation of the FASB’s Codification and we integrated the Codification throughout, including end-of-chapter problem assignments. Unlike many advanced accounting textbooks, we cite passages of the Codification frequently so that students can become familiar with the actual language of the standards, not just the authors’ summary of the standards. This also allows students to easily find the relevant passages on their own. In addition, to familiarize students with the Codification search engine and to better develop their research skills, we also include numerous FASB Codification-related research assignments in our end-of-chapter problem sets.
IFRS COVERAGE
Accounting students must become familiar with IFRS. Fortunately, the current accounting standards relating to the main topic of the book—business combinations and consolidation—were written jointly IFRS by the FASB and the IASB, and are 99% equivalent. In addition, other standards (e.g., segment reporting) are similar, but have key differences. In the text, we discuss the IFRS equivalent of accounting standards and highlight the differences between the two sets of accounting standards when they occur. These discussions are identified with the IFRS icon.
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