Higher Education

Advanced Accounting, 11th Edition

  • Paul M. Fischer University of Wisconsin - Milwaukee
  • William J. Taylor University of Wisconsin - Milwaukee
  • Rita H. Cheng University of Wisconsin - Milwaukee
  • ISBN-10: 0538480289  |  ISBN-13: 9780538480284
  • 1152 Pages
  • Previous Editions: 2009, 2006
  • © 2012 | Published
  • College Bookstore Wholesale Price = $297.00
  • Newer Edition Available
  *Why an online review copy?
  • It's the greener, leaner way to review! An online copy cuts down on paper and on time. Reduce the wait (and the weight) of printed texts. Your online copy arrives instantly, and you can review it anytime from your computer or favorite mobile device.

If you prefer a print copy to review, please contact your representative.

About

Overview

Offer your students the most authoritative, comprehensive coverage of advanced accounting topics available with Fischer/Taylor/Cheng's ADVANCED ACCOUNTING, 11th Edition. Fully revised to incorporate the latest FASB statements and their impact on consolidations, ADVANCED ACCOUNTING, 11th Edition, combines sound theoretical foundations with a hands-on, learn-by-example approach that has established this text as the prominent leader in today's advanced accounting classrooms. ADVANCED ACCOUNTING, 11th Edition, closely links theory and practice, helping students visualize the application of theories through numerous actual examples common in today's accounting. The text's proven focus on conceptual understanding and clear presentation style make even the most complex topics approachable. Proven end-of-chapter questions not only reinforce major concepts and issues from each chapter but they also challenge students to think critically and expand their reasoning skills. Only ADVANCED ACCOUNTING, 11th Edition, uses a horizontal approach to consolidations, the format most commonly used in the business world. A common coding for eliminations and adjustments enables students to recall worksheet adjustments quickly from one chapter to the next. Integrated coverage of Excel® with a step-by-step tutorial and Electronic Online Working Papers prepare students to master this important business software tool. A trusted preparation resource for the CPA exam, ADVANCED ACCOUNTING, 11th Edition, provides the knowledge your students need for successful professional careers in today's global economy.

Features and Benefits

  • Updates reflect the newest FASB standards 141r and 160: FASB standards and updates for Business Consolidations ensure this edition offers the latest information for your course. Excellent explanations of the effect of these updates and their impact on Financial Accounting make certain your students understand the principles presented.
  • Complete, authoritative coverage prepares students for CPA exam: Known for its comprehensive coverage of consolidations, derivatives, international accounting, and governmental and not-for-profit accounting, this edition provides your students with the coverage they need to prepare for the CPA exam successfully.
  • Comprehensive coverage of consolidations emphasizes the most widely used spreadsheet approach: Eight chapters and two special appendices on consolidations offer a unique, step-by-step approach that clarifies this complex topic. The book's trial-balance/horizontal worksheet format emphasizes the method most common in business today. Optional vertical worksheet coverage is also included.
  • Extensive end-of-chapter materials reinforce concepts and stretch critical-thinking skills: Abundant new or revised exercises and problems reinforce chapter concepts with class-tested practice. Understanding The Issues questions require students to think beyond the chapter presentation, expanding reasoning and discussion skills. Reflection features connect applications with higher level theory.
  • Optional derivatives module prepares students for multinational study: An optional module provides in-depth coverage of derivatives before the multinational chapters to emphasize this important background before students study the hedging of foreign currency.
  • Integrated coverage of Excel® helps students master this critical tool: An easy-to-follow Excel® tutorial on the companion website guides students through creating Excel® worksheets, while Electronic Working Papers on the website provide efficient tools for students to complete selected end-of-chapter problems. Excel® templates and solutions are also available on the IRCD for your convenience.

Table of Contents

1. Business Combinations: New Rules for a Long-Standing Business Practice.
2. Consolidated Statements: Date of Acquisition.
3. Consolidated Statements: Subsequent to Acquisition.
4. Intercompany Transactions: Merchandise, Plant Assets, and Notes.
5. Intercompany Transactions: Bonds and Leases.
6. Cash Flows, EPS, and Taxation.
7. Special Issues in Accounting for an Investment in a Subsidiary.
8. Subsidiary Equity Transactions; Indirect Subsidiary Ownership and Subsidiary Ownership of Parent Shares.
Appendix: Accounting for Influential Investments.
9. The International Accounting Environment.
Module: Derivatives and Related Accounting Issues.
10. Foreign Currency Transactions.
11. Translation of Foreign Financial Statements.
12. Interim Reporting and Disclosures about Segments of an Enterprise.
13. Partnerships: Characteristics, Formation, and Accounting for Activities.
14. Partnerships: Ownership Changes and Liquidations.
15. Governmental Accounting: The General Fund and the Account Groups.
16. Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds.
17. Financial Reporting Issues.
18. Accounting for Private Not-for-Profit Organizations.
19. Accounting for Not-for-Profit Colleges and Universities and Health Care Organizations.
20. Estates and Trusts: Their Nature and the Accountant's Role.
21. Debt Restructuring, Corporate Reorganizations, and Liquidations.

What's New

  • Thoroughly updated in accordance with FASB Codification: Throughout the text, updates have been made to reflect FASB Codification.
  • Expanded Fair Value Coverage: Discussion of fair value has been enhanced and revised for topics including contingent assets and liabilities, fair value hedges, and Fair Value Option.
  • NEW IASB Perspective feature: Where appropriate throughout a chapter, a box will appear labeled "IASB Perspective." Inside the box will be commentary regarding how standards per the IASB differ with U.S. GAAP and/or where IASB proposals may differ. Updates regarding the "Perspective" will be communicated via internet access as developments occur.
  • Detailed discussion of the six U.S. Federal Trade Commission merger types: (Backward Vertical Integration, Forward Vertical Integration, Horizontal Merger, Product Extension Merger, Market Extension Merger, Conglomerate Merger).
  • The current positions of the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB) and the SEC are set forth regarding the convergence to IFRS.
  • Updated section on Accounting for the General Fund with new material on the five classifications of fund balances (no spendable, restricted, committed, assigned, and unassigned).
  • Added coverage of the Great Recession and its consequences.
  • NEW Appendix: This appendix applies the equity method to non-consolidated (influential) investments and coverage includes fair value option.

Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Instructor's Resource CD-ROM  (ISBN-10: 1111526346 | ISBN-13: 9781111526344)

Place all of the supplements and solutions you need at your fingertips with the convenient Instructor's Resource CD. This complete source for support materials contains: Complete Solutions Manual files (in Word and Excel®), the Electronic Test Bank (with ExamView® software), Excel® solutions for the Excel® tutorial, Excel® Templates for instructors and students, and PowerPoint® slides.

Solutions Manual  (ISBN-10: 1111534462 | ISBN-13: 9781111534462)

Meet the Author

Author Bio

Paul M. Fischer

Paul M. Fischer is the Jerry Leer Professor of Accounting and Accounting Area Chair at the University of Wisconsin, Milwaukee. He teaches intermediate, advanced financial, and management accounting at the undergraduate and graduate levels. He has received the AMOCO Outstanding Professor Award, the Outstanding Executive MBA Professor Award, and the School of Business Administration Advisory Council Teaching Award. He also teaches continuing education classes and provides executive training courses for several large corporations. He earned his undergraduate accounting degree at Milwaukee and earned an M.B.A. and Ph.D. at the University of Wisconsin, Madison. Dr. Fischer is a CPA and member of the American Institute of CPAs, the Wisconsin Institute of CPAs, and the American Accounting Association. Dr. Fischer has co-authored numerous texts and journal articles, as well as computer software. He actively pursues research and consulting interests in the areas of leasing, pension accounting, and business combinations.

William J. Taylor

William J. Taylor primarily teaches financial accounting and auditing at both the undergraduate and graduate levels at University of Wisconsin, Milwaukee. In addition, he is involved in providing executive training courses for several large corporations through an executive M.B.A. program. Dr. Taylor has been recognized for his teaching excellence and has received both the AMOCO Outstanding Professor Award and the School of Business Administration Advisory Council Teaching Award. He earned his Ph.D. from Georgia State University and is a CPA and a CVA (Certified Valuation Analyst). His professional experience includes working for Deloitte and Touché and Arthur Andersen & Co. in their audit practices. His private consulting activities include business valuations, litigation services, and issues affecting closely held businesses. Dr. Taylor is a member of the American Institute of CPAs, the Wisconsin Institute of CPAs, and the National Association of Certified Valuation Analysts. He serves as a director and officer for a number of professional organizations.

Rita H. Cheng

Rita H. Cheng is the A.O. Smith Teaching Professor of Accounting at the University of Wisconsin, Milwaukee. She teaches government and not-for-profit accounting and advanced financial accounting. She has published numerous journal articles and technical reports and is often asked to speak on government and not-for-profit accounting topics. Dr. Cheng has been recognized for her teaching excellence and is a recipient of the School of Business Administration Advisory Council Outstanding Teaching Award. She earned her Ph.D. in Accounting at Temple University. She is a CPA and a Certified Government Financial Manager. Dr. Cheng is actively involved in research focusing on the quality of accounting and financial reporting by state and local governments and the influence of accounting regulation on corporate business competitiveness. She is a member of the Government and Nonprofit Section of the American Accounting Association and has served as the section’s president. She has also testified before the Governmental Accounting Standards Board and coordinated the academic response to several proposed standards.