Intermediate Accounting [antikvár]

PREFACE There is a consensus in accounting education in general, and in intermediate accounting in particular, that both a conceptual orientation and a procedural emphasis are necessary. A conceptual orientation enables students to understand procedures, rather than merely to memorize them. It also provides a framework for critical evaluation of existing practices and for consideration of alternatives. A procedural emphasis helps students gain a better understanding of the conceptual framework, while at the same time providing them with the tools to be an effective entry-level professional accountant. Because of this general agreement concerning accounting education, all intermediate accounting textbooks cover basically the same material. Ours is no different in this respect. What, then, are the distinguishing characteristics of this text? INTEGRATION OF CONCEPTS AND PROCEDURES We introduce the conceptual framework at the beginning (in Chapters 1 and 2), as do most intermediate accounting texts. Unlike other texts, however, we reinforce the conceptual orientation by integrating the conceptual framework material frequently and thoroughly throughout the text discussion. That is, we do not leave the burden of integrating concepts and procedures to the student. We explicitly evaluate current practice in the context of the conceptual framework. Where inconsistencies exist between practice and the conceptual framework, we point out those inconsistencies and attempt to explain the reasons for them, whether those reasons be practical considerations, political influences, or economic consequences. The environment in which accounting standards are set is discussed as necessary to create an understanding of the standards. Where changing circumstances have rendered existing standards obsolete or inadequate, we discuss such circumstances. READABILITY Readability is another distinguishing feature of our text. We have capitalized on a total of 40 years of experience teaching intermediate accounting to produce what we consider to be a clear, complete, and well-organized presentation of the topics typically covered in intermediate accounting. We believe that even the most complex topics can be discussed and evaluated conceptually by students, if given the proper background and motivation. In writing this text, we have discussed each topic as clearly and concisely as possible. We have attempted to clarify the unclear and to analyze each topic in a complete and substantive manner. This objective has been paramount throughout the development of this text. The readability of the text is enhanced by the logical organization of the chapters and by the efficient and pedagogically sound organization of material within the chapters. For example, both short-term and long-term investments in equity securities are discussed in Chapter 14 because the issues involved are similar, as are the accounting procedures for both types of investments. Likewise, both bond investments and bonds payable are discussed in Chapter 16, again easing the learning process by allowing ready comparison of both sides of a bond transaction and minimizing redundancy in the text as well. Another important aid to readability is the significant number of illustrations, exhibits, and references to real-world situations. When we discuss a procedure, we follow the discussion with an illustration to reinforce it in all but the simplest situations. We also