The Eighth Edition of Advanced Financial Accounting continues to provide strong coverage of advanced accounting topics, with clarity of presentation and integrated coverage based on continuous case examples. The text is highly illustrated with complete presentations of worksheets, schedules, and financial statements so that students can see the development of each topic. Inclusion of all recent FASB and GASB pronouncements and the continuing deliberations of the authoritative bodies provide a current and contemporary text for students preparing for the CPA Examination and current practice. This has become especially important given the recent rapid pace of the authoritative bodies in dealing with major issues having far-reaching implications. Of particular note is the recent issuance of Financial Accounting Standards Board Statement No. 141 (revised 2007), "Business Combinations" (FASB 141R) and Financial Accounting Standards Board Statement No. 160, "Noncontrolling Interests in Consolidated Financial Statements; an amendment of ARB No. 51" (FASB 160). Together, these pronouncements have made some of the most significant changes in accounting for business combinations and the presentation of consolidated financial statements in decades. The Eighth Edition provides extensive coverage of these and other recent pronouncements. Thus, many areas of the new edition of this text are significantly changed from previous editions.

The Eighth Edition continues the practice of previous editions in the consolidations chapters of demonstrating three alternative sets of consolidation procedures, depending on the method of accounting for the parent's investment in the subsidiary. The main body of each consolidations chapter focuses on consolidation following use of the basic equity method on the parent's books, with consolidation following use of the cost method and the fully adjusted equity method illustrated in appendices. This provides the opportunity for exploring the differences in the methods and seeing that the consolidated financial statements are the same regardless of the method the parent company uses to account for the investment.

The chapters dealing with global operations include a comprehensive discussion of accounting for foreign currency derivatives and other financial instruments and arrangements used in today's business arena. Also, the global chapters include increased discussion of International Financial Reporting Standards (IFRS). The governmental chapters include the many recent important developments with integration of recent GASB Statements and significant focus on the GASB's Exposure Draft entitled, "Fund Balance Reporting and Governmental Fund Type Definitions." The not-for-profit chapter includes discussion of the FASB's Exposure Draft on mergers of not-for-profit entities.