COVERAGE OF IFRS
The rapid convergence of U.S. GAAP and International Financial Reporting Standards (IFRS) is upon us. Our students must be prepared for today’s business world with an understanding of the similarities and differences in the reporting requirements and methods under U.S. GAAP and IFRS. Consequently, we incorporate discussions that examine these similarities and differences where appropriate throughout the book. At the end of each of the business combinations chapters (Chapters 1–6), and the foreign currency and derivatives chapters (Chapters 7, 8 and 13), we include a separate section that specifically addresses the implications of IFRS on the topics of that chapter.
INNOVATIVE PEDAGOGY
Real Companies and Organizations
Each chapter’s content is explained through the accounting and reporting activities of real companies and organizations. To that end, each chapter incorporates a “focus company” for special emphasis and demonstration—see the following list. Real fi nancial reports and illustrations are used generously throughout.
| Chapter 1 |
Coca-Cola |
Chapter 9 |
Mecklenburg County, NC |
| Chapter 2 |
IBM |
Chapter 10 |
Alameda County, CA |
| Chapter 3 |
General Motors |
Chapter 11 |
St. Louis, MO |
| Chapter 4 |
Time Warner |
Chapter 12 |
Beta Alpha Psi |
| Chapter 5 |
Trump Entertainment Resorts |
Chapter 13 |
Kellogg's |
| Chapter 6 |
Nike |
Chapter 14 |
Suburban Propane Partners |
| Chapter 7 |
McDonald's |
Chapter 15 |
Midway Games |
| Chapter 8 |
Wal-Mart |
Chapter 16 |
Securities and Exchange Commission |
Real World Data and Illustrations
Wherever possible, we incorporate real data and provide real world illustrations of reporting issues. Because students often lack the business experience necessary to apply what they learned, illustrations of reporting by actual companies and organizations bring our textbook concepts to life.
Footnotes and Other Management Disclosures
Analyzed on their own, financial statements reveal only part of an entity’s economic story. Information essential for a complete understanding of an organization’s financial position must be gleaned from the footnotes and other disclosures. Consequently, we incorporate footnotes and other disclosures generously throughout the text and assignments.
Business Applications
Incorporated in each chapter, Business Application boxes often feature the accounting and reporting methods of a real company or organization. These boxed elements often include real financial statements or footnote disclosures that provide current and engaging examples of the topics being discussed.
In-Chapter Review
Problems Advanced accounting can be challenging. To reinforce concepts presented in each chapter and to ensure student comprehension, we include two or more in-chapter review problems that require students to recall and apply the accounting techniques and concepts described in each chapter. The solutions to the review problems are included after each chapter’s assignments.
Additional Pedagogy
Learning Objectives: Used to identify the primary learning outcomes for each chapter. Reporting Perspectives: Each chapter includes one or more of these boxed features in which we express our views on controversial issues or introduce emerging issues. Review of Key Concepts: Explanations that summarize the key topics of each chapter.
Excellent, Class-Tested Assignment Materials
Outstanding assignment material is a must-have component of any successful textbook and class. We went to great lengths to create the best assignments possible, much of which was class-tested. In keeping with the rest of the book, we used real company data generously and emphasize accuracy and relevance.
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