Now updated and revised (through FAS 147) to reflect new standards and recent developments in the field, this Second Edition provides a comprehensive treatment of selected advanced accounting topics in a clear and understandable manner. The text integrates all three alternative recording methods (cost, partial or simple equity, complete or sophisticated) for teaching consolidation concepts, using blue and gray tabs to distinguish among the three. Throughout the text, new student-oriented pedagogy tests students' understanding of key concepts and connects the material to the real world.

Both authors are actively engaged in accounting research and have had their articles published in numerous top-tier professional journals, including The Accounting Review and Accounting Horizons, as well as The Wall Street Journal.

The text is ideally suited for a senior-level course in advanced accounting taught at many four-year schools.