This widely respected financial accounting text captures the predominant market share among graduate, MBA, and higher-level undergraduate programs. With great clarity, it presents both the basic concepts underlying financial statements and the terminology and methods that allow students to interpret, analyze, and evaluate actual corporate financial statements. Its complete integration of International Financial Reporting Standards, inclusion of the latest developments on Fair Value Accounting, and coverage of the Codification of US GAAP makes this edition the essential text for global financial reporting and management.