Financial Accounting: In an Economic Context

CONTINUING TO CHANGE THE WAY STUDENTS LEARN

The eighth edition contains new elements designed to improve and sharpen the text's economic decision-making theme, and the real-world references have been updated. For the most part, however, this eighth edition maintains the same style and content of the seventh edition, which was very well received by a wide variety of universities, colleges, and other institutions.

New to this Edition

In response to the changing financial reporting environment, thoughtful suggestions from reviewers, and the needs of today's students and tomorrow's business leaders, we have reengineered the text in the following ways.

GLOBALIZATION OF BUSINESS AND FINANCIAL REPORTING STANDARDS. Business is becoming more global with each passing day, and International Financial Reporting Standards (IFRS) are used throughout the world, including in the United States. While the eighth edition still is based on U.S. GAAP, IFRS standards and concepts are woven throughout the entire text. Starting with Chapter 1, IFRS is included in our definition of generally accepted accounting principles, and the ongoing process of converging toward a single global system is described and discussed. Chapter 2 features a complete set of IFRS-based financial statements, published by Unilever, a Dutch-based consumer-goods company, and discusses the conceptual differences between U.S. GAAP ...