Intermediate Accounting, 15th Edition

Content Changes by Chapter

Chapter 1 Financial Accounting and Accounting Standards

• New opening story, about how the U.S. can improve its financial reporting system to provide reliable accounting information.
• Updated Types of Pronouncements section and increased coverage of the EITF.
• New WDNM box on how different countries’ cultures impede international convergence efforts.
• Updated International Accounting Convergence discussion in IFRS Insights section.
• New Evolving Issue, on the use of fair value accounting.

Chapter 2 Conceptual Framework for Financial Reporting

• Updated WDNM box on earnings with recent information about Facebook's reporting of its first earnings after going public.
• New footnote on the liquidation basis of accounting.
• New footnote material on the FASB's additional guidance related to use of fair value in financial statements.
• Updated discussion plus added an illustration on the five steps of revenue recognition.
• Revised Constraints section, as now only cost constraint is included in the conceptual framework.

Chapter 3 The Accounting Information System

• Revised discussion/terminology used to reflect anticipated new wording of revenue recognition principle.
• Updated material on economic crime in opening story.
• Updated graphics to increase student engagement.
• New WDNM box on companies’ need to update their accounting information systems yet unwillingness to interrupt their operations to do so.

Chapter 4 Income Statement and Related Information

• Revised ...