Intermediate Accounting, Volume 1, 6th 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.

New GenAI Study Tool

We’ve heard how important it is for students to use reliable AI tools in responsible and productive ways. To that end, Pearson is focused on creating tools that combine the power of generative AI with trusted Pearson content to provide students with a simplified study experience, delivering on-demand and personalised support that compliments your teaching and aligns with the text you’ve chosen. The Study Tool is available to students who access the Pearson eText on its own or through MyLab.

What can the AI Study Tool do?

• Generate simplified explanations of challenging sections
• Summarize material to help learners focus on key topics and ideas
• Students can ask for multiple choice or short answer questions related to a specific chapter or section to help fill knowledge gaps
• For extra practice, students can also generate flashcards and notes based on their chat interaction with the tool

New and Updated Features

• Indigenous-Based Cases. Indigenous-based cases are now available on MyLab. Assessment for these cases has been developed so the cases can be assigned as part of students’ study plans and results flow seamlessly into the MyLab gradebook.
• New Problems have been added to almost every chapter in Volume 1 and Volume 2. They cover new material presented in each chapter. Many are also single-topic Problems that help build student confidence for the multi-topic or more advanced Problems that follow.
• New Standards in Transition material has been added to Chapter 3 (discussion of Exposure Draft on general presentation and disclosures, including new requirements for note disclosures), Chapter 7 (discussion of Exposure Draft on investments in associates and joint ventures), and Chapter 14 (discussion of Exposure Draft on financial instruments with characteristics of equity).
• New to the sixth edition is a case where students use the Google Finance API to access historical stock values. They then apply data analysis techniques to make accurate journal entries to adjust investments to fair value, integrating practical data analytics into accounting practices. This new case joins cases and datasets already available to give students hands-on experience in using data analytics tools to analyze inventory and accounts receivable valuation. Students can access these datasets from MyLab Accounting.
• Focus on Data Analytics feature boxes appear in every chapter in Volume 1 and Volume 2. They act as side notes that show students how data analytics can be used to overhaul existing accounting approaches to generate enhanced reporting and business decision-making. From exploring shipwrecks to analyzing big corporate moves like Microsoft’s acquisition of gaming giant ZeniMax, students see how data analytics can be used to solve real-world problems.
• Environmental, Social, and Governance (ESG) Issues. Reflecting the growing importance of environmental, social, and governance (ESG) issues, this edition has added additional discussion of these topics, where relevant. For example, Chapter 2 introduces the International Sustainability Standards Board, and Chapter 6 discusses environmental and social factors that may impact inventory valuation, including legislation against the use of child labour. Chapter 14 includes discussion on sustainability-linked financial instruments such as sustainability-linked bonds (SLBs) and sustainability-linked loans (SLLs).