Intermediate Accounting, Volume 1, 5th edition

For courses in Intermediate Accounting.

How can we better establish the flow of ideas in intermediate accounting? One way is to apply more accounting theory to help explain the “why” behind accounting standards and practices. Inherently, humans are inquisitive beings who want to know not just how things work, but also why things work a particular way. When students understand “why,” they are better able to find connections between different ideas and internalize those ideas with the rest of their accumulated knowledge and experiences.

Intermediate Accounting aims to better establish the flow of ideas throughout the book by covering several threshold concepts in the first three chapters. Threshold concepts in this case are the portals that connect accounting standards and practices with students' prior knowledge and experiences. As Meyer and Land suggest, these threshold concepts will help to transform how students think about accounting, help students to integrate ideas within and between chapters, and irreversibly improve their understanding of accounting.

Hallmark features of this title

• Integration of IFRS: This is the first Canadian text written with International Financial Reporting Standards (IFRS) in mind throughout the development process, rather than as an afterthought. For example, we devote a separate chapter (Chapter 10) to exploring issues surrounding asset revaluation and impairment because these issues cut across different asset categories under IFRS. 
• Coverage of ASPE: While this text puts emphasis on IFRS, we do not neglect Accounting Standards for Private Enterprises (ASPE). Near the end of each chapter is a table that identifies differences between IFRS and ASPE. In contrast to other textbooks, we identify only substantive differences rather than every detail. 
• Mini-Cases. We have included Mini-Cases that are based on, or mimic, real business scenarios. The distinguishing feature of these cases is their focus on decision making. While they are technically no more challenging than Problems, cases bring in additional real-world subjective considerations that require students to apply professional judgment.
• Checkpoint Questions.  At important transitional points in each chapter, we pose “Checkpoint Questions” to engage students to reflect upon what they have just read, and to review, if necessary, before proceeding to the next portion of the chapter. These questions appear at the end of sections and there are five to ten such questions within each chapter. To encourage students to think about these questions before looking at the answers, we have placed the answers toward the end of each chapter, immediately after the chapter summary.

The 5th edition of Lo will retire on June 1, 2026. Please speak to your rep about updating your course to the new 6th edition.

New and updated features of this title

• As the world shifts to a greater reliance on digital media, it is appropriate that this text evolves as well. This fifth edition is the first fully digital version of Intermediate Accounting. Instructors and students will find that, although the medium has changed, the content is fully consistent with prior editions.
• Updated.
• New appendix covering Financial Statement Analysis and using accounting information to value an Enterprise. The valuation section focuses on how we can use financial statements and related information to value a company; when valuation is warranted; and the challenges faced in predicting value accurately.
• New appendix covering Data Analytics. Appendix B provides an extensive introduction to data analytics (DA), including the purpose of DA, the importance of DA to the future of accounting, fundamental data concepts (Big Data, structured data, unstructured data), primary technical steps used in the DA process, use of stories to guide data analysis effectively, and preparation of a data analysis to address a variety of business issues.