Comprehensive update for current FASB and GASB pronouncements, including accounting for variable interest entities (VIEs), and integration of the FASB's standards on accounting for business combinations (FASB 141) and accounting for goodwill (FASB 142).

Additional end-of-chapter materials based on the expectations for the computerized CPA examination, including FARS Database Questions and Cases in which students are asked to search and reference relevant GAAP.

Extensive revision of the international chapters to include additional material on foreign currency derivatives. The revision adds new learning aids and illustrations to help students master these topics.

Discussion of the Sarbanes-Oxley Act in the SEC chapter to provide students with an awareness of this important Act.

Extended coverage of the recent GASB standards on disclosures of budgetary information (GASB 41), management's discussion and analysis, and other financial statement disclosures.