Intermediate Financial Accounting, 18th Edition

This intermediate accounting text links accounting principles to the central activities of a business. A user/decision-making approach combined with the necessary coverage of GAAP and IFRS prepares students to understand accounting in terms of the activities of a business, which reflects the broadening definition of accounting today. With this edition's focus on codification, it will equip students with all that is the modern accounting environment.

• Opening Scenario Questions: Critical-thinking questions follow each company chapter opener, with solutions provided at the end of the chapter so that students can check their answers as they think about how they would respond to accounting-related issues that businesses face.
• How and Why Framework: Following each learning objective, the authors provide additional reinforcement of the critical concepts by highlighting the procedural aspects (the "how") as well as the context (or "why") to which the concepts are applied. As students move through the chapter, they gain a greater understanding of both elements and can rationalize why businesses account for things the way they do. To further stress and show this framework as students read the chapter, relevant narrative is flagged by a design element to denote the "why."
• Statement of Cash Flows "Revisited" Chapter: Chapter 21 accommodates instructors who like extensive or additional coverage of the statement of cash flows in the second semester of the course. Note that the full chapter available in previous editions early in the text is still there (Chapter 5), which provides maximum coverage and flexibility of this important statement for instructors who vary in how and when they prefer to cover this topic.
• Cumulative Spreadsheet Assignment: Found in the case section and featured at the end of Chapters 2 through 22, the cumulative spreadsheet assignment allows students to demonstrate and reinforce their understanding of the chapter topics by creating a spreadsheet that allows numerous variables to be modified and their effects to be monitored.
• Comprehensive Coverage in a Streamlined Format: The more important the topic, the greater detail in which it is covered. The authors have strived to spend more time discussing the most important topics of each chapter and to avoid excess verbiage on issues that are less important.
• Caution and FYI Boxes: Found throughout each chapter, these boxed features frequently emphasize additional points of interest or provide crucial cautions.
• AECC Recommended Skills: This text''s excellent end-of-chapter materials include a newly streamlined case section that emphasizes critical thinking, communication, and teamwork skills important for success on the CPA exam. In addition to an extensive selection of discussion questions, practice exercises, exercises, and problems, the case activities are written to satisfy the skills-based curriculum endorsed by the AICPA''s Core Competency Framework.

New to this Edition:

• The text has been updated to reflect the latest changes in accounting standards, practices, and techniques. The information about real-life companies has been revised to account for recent changes in financial statements and other company reports.
• Updated International Accounting Coverage: As the business workplace becomes more global, students need to understand how accounting practices may differ depending on the countries involved in a transaction. Nearly every chapter includes updated coverage of this topic, and relevant sections that discuss international standards are flagged in the margin with an IFRS icon.
• A new FASB Codification feature has been added to each chapter, designed to help students understand how to use the FASB''s new codification research. The feature provides an ethical issue for students to discuss and analyze using FASB standards, with the answer provided at the end of the chapter.
• Additional coverage of fair value accounting has been added in Part 1 to follow Time Value of Money Review.