New Features:

• EOC is new and revised.   Practice is key to mastery of financial accounting and therefore excellent and updated problem material is key to most professors.  Bob and Patricia Libby and Dan Short are well-known for their ability to write cogent and well-developed problems with their chapters, which is a criticism we hear of other financial texts.   With more professors teaching from LLS than ever, we need to make sure faculty have fresh material to assign, which is why the most significant revision to Libby 6e is updated end-of-chapter material. Of the 800+ mini-exercises, exercises, problems, and cases, 500 have been revised with new numbers and company names or are completely new to 6e, including all new annual report cases.



• Updated material on Corporate Governance   and International Reporting.  New International Perspectives discuss the growing importance of International Financial Reporting Standards. Basic differences between GAAP and IFRS are highlighted at a level appropriate for the introductory student.



• New Annual Report feature company and cases – Pacific Sunwear has been replaced with American Eagle Outfitters and the contrasting company is now Urban Outfitters



• Three NEW focus companies – The Chapter 8 focus company has been replaced with Southwest Airlines, Chapter 11 focus company has been replaced with Sonic Drive-In Restaurant, and Chapter 12 focus company has been replaced with The Washington Post Companies.



• Chapter 9 (Reporting and Interpreting Liabilities): This edition includes an expanded discussion of lease liabilities



• Chapters 9, 10 (Reporting and Interpreting Bonds), and 11 (Reporting and Interpreting Owners' Equity): These chapters now include fractional year interest.



• Chapter 13 (Statement of Cash Flows): The details of preparing the operating activities section using the direct method has been moved from the chapter to an end of chapter supplement. Instructors are free to choose coverage of either or both methods. Gains and losses on sale of property, plant and equipment  integrated within the chapter material.



• iPod download content – LLS 6e is media-integrated giving students the option to download iPod content. IPod icons appear throughout the text point students to chapter-specific quizzes, audio and video lecture presentations, and course-related videos
  
  

Retained Features:

Available with McGraw-Hill’s Homework Manager and Homework Manager Plus

Sarbanes-Oxley and Accounting Scandals: The authors have included new coverage of recent accounting scandals and Sarbanes-Oxley requirements in Chapters 1 & 5.

More Excel: Chapters 9 & 10 feature supplemental material on using Excel to compute present values and determine the present value of bonds.

Analysis of Adjusting Entries: Chapter 4 includes a new section on Analysis of Adjusting Entries. The authors have realigned discussion by Revenues and Expenses (instead of Deferrals and Accruals in 4e) for added clarity.

Statement of Cash Flows: Chapter 13 can be covered anytime after Chapter 4, and can be used to cover the direct, indirect, or both methods.

Focus Company Approach: Integrates real-world business and accounting practices by building each chapter around the operations and financial statements of interesting focus companies such as Callaway Golf, Harley-Davidson, and Papa John's. This integration, as opposed to isolated vignettes, distinguishes the Libby approach by demonstrating career relevance and conveying the excitement of real accounting and reporting issues and problems. Contrasting companies are also used to illustrate variety and a different perspective from the Focus Company.

Includes an Emphasis on Different Aspects of Management: Each chapter emphasizes a different aspect of management, including marketing strategy, human resources, financing strategy, manufacturing, corporate communication, and mergers and acquisitions. This directly demonstrates the relevance of material to a variety of future careers.

User orientation: Chapter material is selected for its relevance to understanding real companies, financial statements, and real management decisions. Pure record keeping functions have been included in Appendix E (available on the text website) or reserved for future coursework. By eliminating the record keeping emphasis, the authors use basic transaction analysis, journal entries, and T-accounts to provide the structure for analyzing financial statements and management decisions.

"Financial Analysis" feature: This feature appears throughout the text, and relates directly to the decisions faced by managers and financial statement users at the focus and contrasting companies. The Financial Analysis feature provides current, interesting information that makes the content relevant and interesting to students.

“Key Ratio Analysis” feature: Each Key Ratio Analysis box presents ratio analysis for the chapter focus company plus comparative companies to help students evaluate financial performance.

"Focus on Cash Flows" feature: Identified by an icon, these sections within most chapters provide a discussion and analysis of changes in the cash flow of the focus company being discussed and the decisions that caused the changes in cash flow. These discussions encourage students to think more critically about the impact managerial decisions have on a company's cash flow.

"International Perspective" feature: This feature exposes students to a variety of reporting practices used throughout the world so they can understand and appreciate the implications of different accounting practices. International accounting sections are incorporated throughout the text and in the homework material.

"Question of Ethics" feature: Accounting ethics is integrated throughout the text (and end-of-chapter assignments) to convey to students the importance of acting responsibly in business practice.

Self-Study Quizzes: This feature stops students at strategic points throughout each chapter to make sure key points are understood. The quizzes often require that students prepare or use financial statement disclosures based on actual companies to reinforce the usefulness of what they are learning.