The bestselling book on intermediate accounting, Donald E. Kieso is an excellent reference for practicing accountants and an invaluable resource for anyone entering the field. They’ll learn how to leverage everyday accounting programs like Excel, GLS, and other computerized accounting software giving them a strong background in the tools needed in the accounting profession. Intermediate Accounting 14th Edition is the market leader in providing the tools needed to understand what GAAP is and how it is applied in practice. Through many editions, this textbook has continued to reflect the constant changes taking place in the GAAP environment. This edition continues this tradition, which has become even more significant as the financial reporting environment is exploding with major change. There are three areas of major importance that are now incorporated extensively into the text: New way of looking at GAAP, Convergence of U.S. GAAP and IFRS, and Fair Value Movement. The core of Kieso’s value statement continues to be authoritativeness and preparation for the profession (CPA exam).
Relevant Facts about International Financial Reporting Standards (IFRS)
- International standards are referred to as International Financial Reporting Standards (IFRS), developed by the International Accounting Standards Board (IASB).
- U.S. standards, referred to as generally accepted accounting principles (GAAP), are developed by the Financial Accounting Standards Board (FASB).
- The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companies listed on U.S. exchanges.
- This textbook mentioned a number of ethics violations, such as WorldCom, AIG, and Lehman Brothers.
- IFRS tends to be simpler in its accounting and disclosure requirements; some people say more “principles-based.” GAAP is more detailed; some people say more “rules-based.”
- The SEC allows foreign companies that trade shares in U.S. markets to file their IFRS financial statements with reconciliation to GAAP.
Donald E. Kieso, Ph.D., C.P.A., received his bachelor’s degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). Read More >>
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