Richard E. Baker,
Northern Illinois University Valdean C. Lembke,
University of Iowa Thomas E. King,
S. Illinois University Edwardsville Cynthia G. Jeffrey,
Iowa State University
ISBN: 0073526916 Copyright year: 2009
What's New
Integration of new FASB standards on business combinations and consolidated financial statements: The FASB recently issues two new standards that have a significant effect on accounting for business combinations and the presentation of consolidated financial statements. FASB 141R mandates the use of the acquisition method in accounting for business combinations and makes a number of significant changes that affect accounting for business combinations and the preparation of consolidated financial statements. FASB 160 makes a number of significant changes relating to consolidated financial statements, such as how consolidated net income is calculated and the way in which the noncontrolling interest is reported. Students can practice and learn these new standards through the end-of-chapter materials.
Inclusion of conceptual aspects of consolidation theories and issues: Students need a strong foundation in the underlying concepts of consolidation theories and issues. The 8th edition (Chapter 3) provides this conceptual foundation, discussing the change in approach represented in the new standards and summarizing the related issues still being deliberated by the FASB.
Expanded discussion on International Financial Reporting Standards (IFRS): The SEC recently decided to allow foreign private issuers to submit financial statements prepared according to IFRS without reconciliation to U.S. GAAP. This edition discusses the issues related to convergence and the incentives driving convergence.
Integration of the Revised Uniform Partnership Act: The model Revised Uniform Partnership Act (RUPA), or a significant adaptation, has now been adopted in about 40 states, with additional states in the process of evaluating the model. Chapters 15 and 16 discuss and illustrate the essential provisions of RUPA.
Coverage of governmental and not-for-profit financial statements and disclosures: This coverage is updated for recent GASB and FASB standards, and the discussion and end-of-chapter materials are enhanced to better illustrate how the accounting and reporting standards affect the financial statements and other elements of the entities' annual reports.
Additional "real-world" examples throughout the text: Additional "real-world" examples have been added throughout the chapters to illustrate how the topics covered are applied in a dynamic business environment.
Revised end-of-chapter material: End-of-chapter material has been revised with many new and updated cases, Kaplan Review CPA Simulations, which allow students to practice CPA exam-like problems through a simulation of the CPA exam interface and supplemental problems that can be found on the book's website.
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2009 McGraw-Hill Higher Education