Intermediate Accounting, 16th Edition

    intermediate_accounting16e

    Intermediate Accounting, 16th Edition

    By Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

    The Sixteenth Edition of Intermediate Accounting continues to set the standard for students and professionals in the field by offering the most up-to-date coverage of US GAAP and IFRS in a format suited to the complex challenges of teaching intermediate accounting in these changing times.

    WileyPLUS with ORION for Intermediate Accounting gives you and your students clear visibility into areas of strengths and weaknesses so that you can use this information to build a learning path to success together.

    Available Digital Formats

    Instructors

    Featured Content

    What's Inside

    accounting_cycle_review

    The Accounting Cycle is continually reinforced.

    Assignable Chapter 0 offers adaptive review and practice of each stage of the accounting cycle with reading content, exercises, and problems to provide additional opportunities for both granular and comprehensive accounting cycle practice.

    kieso_career_readiness

    Career-focused resources bridge the gap between course content and professions.

    Over 1,000 FAR-related CPA exam questions with CPAexcel and 240 assignable CPA questions are available in WileyPLUS. Students can search for internships and entry-level accounting positions while getting career, resume, and interviewing advice from career coaches.

    Multimedia homework assistance reaches all types of learners.

    Terry Warfield along with two subject matter experts created the Solution Walkthrough Videos. These videos align with the content of the book and help students answer problems that are similar to ones they will encounter in their homework assignments.

    About the Authors

    donkieso

    Donald E. Kieso

    Donald E. Kieso, PhD, CPA, received his bachelor’s degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Emeritus Professor of Accountancy at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done post-doctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU’s Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Illinois CPA Society. He has served as a member of
    the Board of Directors of the Illinois CPA Society, then AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary-Treasurer of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Kishwaukee Community Hospital, and as Treasurer and Director of Valley West Community Hospital. From 1989 to 1993, he served as a charter member of the National Accounting Education Change Commission. He is the recipient of the Outstanding Accounting Educator Award from the Illinois CPA Society, the FSA’s Joseph A. Silvoso Award of Merit, the NIU Foundation’s Humanitarian Award for Service to Higher Education, a Distinguished Service Award from the Illinois CPA Society, and in 2003 an honorary doctorate from Aurora University.

    jerry_weygandt

    Jerry J. Weygandt

    Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Emeritus Professor of Accounting at the University of Wisconsin—Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC) of that organization. He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor’s Award for Excellence in Teaching and the Beta Gamma Sigma Dean’s Teaching Award. He is on the board of directors of M & I Bank of Southern Wisconsin. He is the recipient of the Wisconsin Institute of CPA’s Outstanding Educator’s Award and the Lifetime Achievement Award. In 2001, he received the American Accounting Association’s Outstanding Educator Award.

    terry_warfield

    Terry D. Warfield

    Terry D. Warfield, PhD, is the PwC Professor in Accounting at the University of Wisconsin—Madison. He received a B.S. and M.B.A. from Indiana University and a Ph.D. in accounting from the University of Iowa. Professor Warfield’s area of expertise is financial reporting, and prior to his academic career, he worked for five years in the banking industry. He served as the Academic Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, D.C. from 1995–1996. Professor Warfield’s primary research interests concern financial accounting standards and disclosure policies. He has published scholarly articles in The Accounting Review, Journal of Accounting and Economics, Research in Accounting Regulation, and Accounting Horizons, and he has served on the editorial boards of The Accounting Review, Accounting Horizons, and Issues in Accounting Education. He has served as president of the Financial Accounting and Reporting Section, the Financial Accounting Standards Committee of the American Accounting Association (Chair 1995–1996), and on the AAAFASB Research Conference Committee. He also served on the Financial Accounting Standards Advisory Council of the Financial Accounting Standards Board, and he currently serves as a trustee of the Financial Accounting Foundation. Professor Warfield has received teaching awards at both the University of Iowa and the University of Wisconsin, and he was named to the Teaching Academy at the University of Wisconsin in 1995. Professor Warfield has developed and published several case studies based on his research for use in accounting classes. These cases have been selected for the AICPA Professor-Practitioner Case Development Program and have been published in Issues in Accounting Education. He served on the Board of the Illinois CPA Society, then AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary-Treasurer of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Kishwaukee Community Hospital, and as Treasurer and Director of Valley West Community Hospital. From 1989 to 1993, he served as a charter member of the National Accounting Education Change Commission. He is the recipient of the Outstanding Accounting Educator Award from the Illinois CPA Society, the FSA’s Joseph A. Silvoso Award of Merit, the NIU Foundation’s Humanitarian Award for Service to Higher Education, a Distinguished Service Award from the Illinois CPA Society, and in 2003 an honorary doctorate from Aurora University.

    Table of Contents

    Chapter 1: Financial Accounting and Accounting Standards
    Chapter 2: Conceptual Framework for Financial Reporting
    Chapter 3: The Accounting Information System
    Chapter 4: Income Statement and Related Information
    Chapter 5: Balance Sheet and Statement of Cash Flows
    Chapter 6: Accounting and the Time Value of Money
    Chapter 7: Cash and Receivables
    Chapter 8: Valuation of Inventories: A Cost-Basis Approach
    Chapter 9: Inventories: Additional Valuation Issues
    Chapter 10: Acquisition and Disposition of Property, Plant, and Equipment
    Chapter 11: Depreciation, Impairments, and Depletion
    Chapter 12: Intangible Assets
    Chapter 13: Current Liabilities and Contingencies
    Chapter 14: Long-Term Liabilities
    Chapter 15: Stockholders’ Equity
    Chapter 16: Dilutive Securities and Earnings per Share
    Chapter 17: Investments
    Chapter 18: Revenue Recognition
    Chapter 19: Accounting for Income Taxes
    Chapter 20: Accounting for Pensions and Postretirement Benefits
    Chapter 21: Accounting for Leases
    Chapter 22: Accounting Changes and Error Analysis
    Chapter 23: Statement of Cash Flows
    Chapter 24: Full Disclosure in Financial Reporting

    APPENDICES
    Appendix A: Private Company Accounting A-1
    Appendix B: Specimen Financial Statements: The Procter & Gamble Company B-1
    Appendix C: Specimen Financial Statements: The Coca-Cola Company C-1
    Appendix D: Specimen Financial Statements: PepsiCo, Inc. D-1
    Appendix E: Specimen Financial Statements: Marks and Spencer plc E-1

    SAMPLE CHAPTER 9:

    The Cytoskeleton and Cell Motility

    Resources

    INSTRUCTOR RESOURCES

    • Excel Templates: Students to complete select end-of-chapter exercises and problems identified by a spreadsheet icon
    • PowerPoint Slides: PowerPoint presentations that contain a combination of key concepts and problems from the textbook
    • Instructor’s Manual: Unit and chapter summaries organized by learning objective, related readings, critical thinking exercises, and detailed notes to accompany the PowerPoint Slides
    • Solution’s Manual: Complete solutions for each question, exercise, and case in the text written by the authors
    • Test Bank: Digital collection of fill-in-the-blank, multiple-choice, true/false, and free-response questions
    • Rockford Practice Set: Practice set designed as a student review of the accounting cycle and preparation of financial statements

    STUDENT RESOURCES

    • Video Library: Applied Skills and Problem Solution Walkthrough videos available in WileyPLUS to review key problem solving techniques and step-by-step solutions from the authors and expert professors
    • Additional Problem Sets: Updated Exercise Set B and Problem Set B accessible in WileyPLUS
    • Career Readiness: Access to accounting internship listings, career search and management tool, and career coaching
    • Assignable CPA Questions: Ten auto-graded questions per chapter that align to learning objectives and pulled from past CPA exams assignable in WileyPLUS, plus additional practice of over 1,000 questions from the FAR exam relevant to Intermediate Accounting also accessible via the CPA Exam Assessment Tool
    • Review and Practice: Annotated multiple choice algorithmic brief exercises, exercises, and problems available outside of instructor assignments
    • Student Study Guide: Comprised of a chapter review with a full length glossary, chapter outline, true-false questions, multiple choice exercises, and problems
    accounting_cycle_review

    The Accounting Cycle is continually reinforced.

    Assignable Chapter 0 offers adaptive review and practice of each stage of the accounting cycle with reading content, exercises, and problems to provide additional opportunities for both granular and comprehensive accounting cycle practice.

    kieso_career_readiness

    Career-focused resources bridge the gap between course content and professions.

    Over 1,000 FAR-related CPA exam questions with CPAexcel and 240 assignable CPA questions are available in WileyPLUS. Students can search for internships and entry-level accounting positions while getting career, resume, and interviewing advice from career coaches.

    Multimedia homework assistance reaches all types of learners.

    Terry Warfield along with two subject matter experts created the Solution Walkthrough Videos. These videos align with the content of the book and help students answer problems that are similar to ones they will encounter in their homework assignments.

    donkieso

    Donald E. Kieso

    Donald E. Kieso, PhD, CPA, received his bachelor’s degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Emeritus Professor of Accountancy at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done post-doctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU’s Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Illinois CPA Society. He has served as a member of
    the Board of Directors of the Illinois CPA Society, then AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary-Treasurer of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Kishwaukee Community Hospital, and as Treasurer and Director of Valley West Community Hospital. From 1989 to 1993, he served as a charter member of the National Accounting Education Change Commission. He is the recipient of the Outstanding Accounting Educator Award from the Illinois CPA Society, the FSA’s Joseph A. Silvoso Award of Merit, the NIU Foundation’s Humanitarian Award for Service to Higher Education, a Distinguished Service Award from the Illinois CPA Society, and in 2003 an honorary doctorate from Aurora University.

    jerry_weygandt

    Jerry J. Weygandt

    Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Emeritus Professor of Accounting at the University of Wisconsin—Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC) of that organization. He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor’s Award for Excellence in Teaching and the Beta Gamma Sigma Dean’s Teaching Award. He is on the board of directors of M & I Bank of Southern Wisconsin. He is the recipient of the Wisconsin Institute of CPA’s Outstanding Educator’s Award and the Lifetime Achievement Award. In 2001, he received the American Accounting Association’s Outstanding Educator Award.

    terry_warfield

    Terry D. Warfield

    Terry D. Warfield, PhD, is the PwC Professor in Accounting at the University of Wisconsin—Madison. He received a B.S. and M.B.A. from Indiana University and a Ph.D. in accounting from the University of Iowa. Professor Warfield’s area of expertise is financial reporting, and prior to his academic career, he worked for five years in the banking industry. He served as the Academic Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, D.C. from 1995–1996. Professor Warfield’s primary research interests concern financial accounting standards and disclosure policies. He has published scholarly articles in The Accounting Review, Journal of Accounting and Economics, Research in Accounting Regulation, and Accounting Horizons, and he has served on the editorial boards of The Accounting Review, Accounting Horizons, and Issues in Accounting Education. He has served as president of the Financial Accounting and Reporting Section, the Financial Accounting Standards Committee of the American Accounting Association (Chair 1995–1996), and on the AAAFASB Research Conference Committee. He also served on the Financial Accounting Standards Advisory Council of the Financial Accounting Standards Board, and he currently serves as a trustee of the Financial Accounting Foundation. Professor Warfield has received teaching awards at both the University of Iowa and the University of Wisconsin, and he was named to the Teaching Academy at the University of Wisconsin in 1995. Professor Warfield has developed and published several case studies based on his research for use in accounting classes. These cases have been selected for the AICPA Professor-Practitioner Case Development Program and have been published in Issues in Accounting Education. He served on the Board of the Illinois CPA Society, then AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary-Treasurer of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Kishwaukee Community Hospital, and as Treasurer and Director of Valley West Community Hospital. From 1989 to 1993, he served as a charter member of the National Accounting Education Change Commission. He is the recipient of the Outstanding Accounting Educator Award from the Illinois CPA Society, the FSA’s Joseph A. Silvoso Award of Merit, the NIU Foundation’s Humanitarian Award for Service to Higher Education, a Distinguished Service Award from the Illinois CPA Society, and in 2003 an honorary doctorate from Aurora University.

    Chapter 1: Financial Accounting and Accounting Standards
    Chapter 2: Conceptual Framework for Financial Reporting
    Chapter 3: The Accounting Information System
    Chapter 4: Income Statement and Related Information
    Chapter 5: Balance Sheet and Statement of Cash Flows
    Chapter 6: Accounting and the Time Value of Money
    Chapter 7: Cash and Receivables
    Chapter 8: Valuation of Inventories: A Cost-Basis Approach
    Chapter 9: Inventories: Additional Valuation Issues
    Chapter 10: Acquisition and Disposition of Property, Plant, and Equipment
    Chapter 11: Depreciation, Impairments, and Depletion
    Chapter 12: Intangible Assets
    Chapter 13: Current Liabilities and Contingencies
    Chapter 14: Long-Term Liabilities
    Chapter 15: Stockholders’ Equity
    Chapter 16: Dilutive Securities and Earnings per Share
    Chapter 17: Investments
    Chapter 18: Revenue Recognition
    Chapter 19: Accounting for Income Taxes
    Chapter 20: Accounting for Pensions and Postretirement Benefits
    Chapter 21: Accounting for Leases
    Chapter 22: Accounting Changes and Error Analysis
    Chapter 23: Statement of Cash Flows
    Chapter 24: Full Disclosure in Financial Reporting

    APPENDICES

    Appendix A: Private Company Accounting A-1
    Appendix B: Specimen Financial Statements: The Procter & Gamble Company B-1
    Appendix C: Specimen Financial Statements: The Coca-Cola Company C-1
    Appendix D: Specimen Financial Statements: PepsiCo, Inc. D-1
    Appendix E: Specimen Financial Statements: Marks and Spencer plc E-1

    INSTRUCTOR RESOURCES

    • Excel Templates: Students to complete select end-of-chapter exercises and problems identified by a spreadsheet icon
    • PowerPoint Slides: PowerPoint presentations that contain a combination of key concepts and problems from the textbook
    • Instructor’s Manual: Unit and chapter summaries organized by learning objective, related readings, critical thinking exercises, and detailed notes to accompany the PowerPoint Slides
    • Solution’s Manual: Complete solutions for each question, exercise, and case in the text written by the authors
    • Test Bank: Digital collection of fill-in-the-blank, multiple-choice, true/false, and free-response questions
    • Rockford Practice Set: Practice set designed as a student review of the accounting cycle and preparation of financial statements

    STUDENT RESOURCES

    • Video Library: Applied Skills and Problem Solution Walkthrough videos available in WileyPLUS to review key problem solving techniques and step-by-step solutions from the authors and expert professors
    • Additional Problem Sets: Updated Exercise Set B and Problem Set B accessible in WileyPLUS
    • Career Readiness: Access to accounting internship listings, career search and management tool, and career coaching
    • Assignable CPA Questions: Ten auto-graded questions per chapter that align to learning objectives and pulled from past CPA exams assignable in WileyPLUS, plus additional practice of over 1,000 questions from the FAR exam relevant to Intermediate Accounting also accessible via the CPA Exam Assessment Tool
    • Review and Practice: Annotated multiple choice algorithmic brief exercises, exercises, and problems available outside of instructor assignments
    • Student Study Guide: Comprised of a chapter review with a full length glossary, chapter outline, true-false questions, multiple choice exercises, and problems

    Features Include

    • Video Library In addition to the problem solution walkthrough videos, students have access to multiple author lecture videos and applied skills videos for each chapter to review key problem solving techniques from the authors and subject matter experts.
    • Career Readiness Career-focused resources are available within WileyPLUS including access to look for internships and entry-level accounting positions with Accountingfly, and the ability to seek career, resume, and interviewing advice with career coaching demonstration from InsideTrack.
    • Wiley Accounting Updates News articles curated weekly provide students application-based understanding of how the topics relate to the real world. Each article is paired with several discussion questions to encourage students to think critically about the topic in relation to the course content.
    • Easy Assessment Algorithmic, multiple-choice test bank questions make student assessment simple to create and assign. All questions are tagged to Bloom’s Taxonomy, AACSB, AICPA, and IMA standards, allowing instructors and departments to quickly demonstrate outcomes, analyze student performance data, and make immediate improvements.
    • Organized Learning A new, streamlined learning design of both WileyPLUS and the text helps students find relevant videos, reading content, and resources based on associated learning objectives, to ensure the best use of time outside of class.
    • Practice Made Simple New, self-paced algorithmic practice for each chapter allows students continuous opportunity to practice additional author-crafted material, including brief exercises, exercises, practice problems, and quizzes.

    Hear what students say

    As an accounting student, I feel like having a means to effectively manage your time is crucial and being able to pinpoint your weaknesses can really help.

    Jonathan Chau

    / Student

    I have used Orion much in the past in intermediate accounting and strongly suggested it to the other accounting students who LOVED the idea of ORION. It's very helpful to your own studying.

    Rebecca Gerhard

    / Student

    ORION is such a helpful tool and being able to navigate through it and understanding how it works can tremendously help you throughout the semester.

    Nicole Sciolino

    / Student

    I have used Wiley eText along with WileyPLUS for an accounting class last spring. The thing I found most helpful was on WileyPLUS where assignments had direct links to the eText making life easier and learning much easier and more efficient.

    Richard Sanderson

    / Student