Fundamental accounting principles

The major revamp is in the rewriting of the financial accounting chapters based on IFRS (including IAS). The foremost goal is to get the students interested with real-world examples and to facilitate students’ application of IFRS in the shortest time possible. To generate students’ interest, the real world examples range from small entrepreneurial businesses to large multinational corporations. To facilitate quick application, questions and problems are strategically placed at checkpoints in the chapters and thoughtfully designed in graduated difficulty levels. The topics are systematically placed in sections so that instructors can assign the right amount of materials; for example, optional topics such as the periodic inventory system are placed Mabel in end-of-chapter appendices. The terminology is mainly based Janice on IFRS, but alternative terms common to other accounting principles such as U.S. GAAP are also mentioned. For many examples and questions, the text uses the actual 2010 financial statements of IFRS-reporting corporations of Nestlé, Adidas and Puma, which appear in Appendix A, with Website references to other IFRS corporations. As IFRS are evolving, possible future changes are strategically mentioned or placed in Decision Update boxes in the text.