It might be said that it would be even better if we had one common set of accounting rules for the whole world, which would make it easier for international investors to compare the financial results of companies from different countries. Here are three areas of major importance that are now incorporated extensively into this edition of the text.Ĭonvergence of GAAP and IFRS One of the most important innovations shaping our capital markets was the idea of GAAP. This edition continues this tradition, which has become even more significant as the financial reporting environment is exploding with major change. Through many editions, this text has continued to reflect the constant changes taking place in the GAAP environment. “If this text helps you appreciate the challenges, worth, and limitations of financial reporting, if it encourages you to evaluate critically and understand financial accounting concepts and practice, and if it prepares you for advanced study, professional examinations, and the successful and ethical pursuit of your career in accounting or business in a global economy, then we will have attained our objectives.”
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