Nelson Higher Education

Higher Education

Advanced Accounting, 12th Edition

  • Paul M. Fischer
  • William J. Taylor
  • Rita H. Cheng
  • ISBN-10: 1305084853
  • ISBN-13: 9781305084858
  • 1176 Pages | Hardcover
  • Previous Editions: 2012, 2009, 2006
  • COPYRIGHT: 2016 Published
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About the Product

Help your advanced accounting students master the theory and practice they need for professional success with Fischer/Taylor/Cheng’s ADVANCED ACCOUNTING, 12E. This leading text offers your students the most authoritative, comprehensive coverage of advanced accounting topics available. This edition explores the latest FASB statements and their impact on consolidations. The authors combine sound theoretical foundations with a hands-on approach using numerous actual examples common in today’s accounting. The text’s proven focus on conceptual understanding and clear presentation style make even the most complex topics approachable. New and revised end-of-chapter questions reinforce major concepts from each chapter and challenge students to expand their critical thinking and reasoning skills. Only ADVANCED ACCOUNTING, 12E uses a horizontal approach to consolidations, the format most commonly used in today’s business world. A trusted preparation resource for the CPA exam, ADVANCED ACCOUNTING, 12E provides the knowledge your students need for ongoing accounting success.


  • Text Reflects The Latest FASB Standards: FASB standards and updates for Business Consolidations ensure this edition offers the most recent information and developments for your course. Excellent explanations of the effect of these updates and their impact on Financial Accounting make certain your students understand the principles presented.

  • Complete, Authoritative Coverage Prepares Students for CPA Exam: Known for its comprehensive coverage of consolidations, derivatives, international accounting, and governmental and not-for-profit accounting, this book provides your students with the coverage they need to prepare effectively for the CPA exam.

  • Comprehensive Coverage of Consolidations Emphasizes The Most Widely Used Spreadsheet Approach: Eight chapters and two special appendices on consolidations offer a unique, step-by-step approach that clarifies this complex topic. The book’s trial-balance/horizontal worksheet format emphasizes the method most common in business today. Optional vertical worksheet coverage is also included.

  • Optional Derivatives Module Prepares Students for Multinational Study: An optional module provides in-depth coverage of derivatives before the multinational chapters to emphasize this important background before students study the hedging of foreign currency.

  • Integrated Coverage of Excel® Helps Students Master This Critical Tool: An easy-to-follow Excel tutorial on the companion website guides students through creating Excel worksheets, while Electronic Working Papers on the website provide efficient tools for students to complete selected end-of-chapter problems. Excel templates and solutions are also available.


"The textbook is the best one out there."
— Jolene Lampton, Park University

About the Author

Paul M. Fischer

Paul M. Fischer is the Jerry Leer Professor of Accounting and Accounting Area Chair at the University of Wisconsin, Milwaukee. He teaches intermediate, advanced financial, and management accounting at the undergraduate and graduate levels. He has received the AMOCO Outstanding Professor Award, the Outstanding Executive MBA Professor Award, and the School of Business Administration Advisory Council Teaching Award. He also teaches continuing education classes and provides executive training courses for several large corporations. He earned his undergraduate accounting degree at Milwaukee and earned an M.B.A. and Ph.D. at the University of Wisconsin, Madison. Dr. Fischer is a CPA and member of the American Institute of CPAs, the Wisconsin Institute of CPAs, and the American Accounting Association. Dr. Fischer has co-authored numerous texts and journal articles, as well as computer software. He actively pursues research and consulting interests in the areas of leasing, pension accounting, and business combinations.

William J. Taylor

William J. Taylor primarily teaches financial accounting and auditing at both the undergraduate and graduate levels at University of Wisconsin, Milwaukee. In addition, he is involved in providing executive training courses for several large corporations through an executive M.B.A. program. Dr. Taylor has been recognized for his teaching excellence and has received both the AMOCO Outstanding Professor Award and the School of Business Administration Advisory Council Teaching Award. He earned his Ph.D. from Georgia State University and is a CPA and a CVA (Certified Valuation Analyst). His professional experience includes working for Deloitte and Touché and Arthur Andersen & Co. in their audit practices. His private consulting activities include business valuations, litigation services, and issues affecting closely held businesses. Dr. Taylor is a member of the American Institute of CPAs, the Wisconsin Institute of CPAs, and the National Association of Certified Valuation Analysts. He serves as a director and officer for a number of professional organizations.

Rita H. Cheng

Rita H. Cheng is the A.O. Smith Teaching Professor of Accounting at the University of Wisconsin, Milwaukee. She teaches government and not-for-profit accounting and advanced financial accounting. She has published numerous journal articles and technical reports and is often asked to speak on government and not-for-profit accounting topics. Dr. Cheng has been recognized for her teaching excellence and is a recipient of the School of Business Administration Advisory Council Outstanding Teaching Award. She earned her Ph.D. in Accounting at Temple University. She is a CPA and a Certified Government Financial Manager. Dr. Cheng is actively involved in research focusing on the quality of accounting and financial reporting by state and local governments and the influence of accounting regulation on corporate business competitiveness. She is a member of the Government and Nonprofit Section of the American Accounting Association and has served as the section’s president. She has also testified before the Governmental Accounting Standards Board and coordinated the academic response to several proposed standards.

Table of Contents

1. Business Combinations: New Rules for a Long-Standing Business Practice.
2. Consolidated Statements: Date of Acquisition.
3. Consolidated Statements: Subsequent to Acquisition.
4. Intercompany Transactions: Merchandise, Plant Assets, and Notes.
5. Intercompany Transactions: Bonds and Leases.
6. Cash Flows, EPS, and Taxation.
7. Special Issues in Accounting for an Investment in a Subsidiary.
8. Subsidiary Equity Transactions; Indirect Subsidiary Ownership and Subsidiary Ownership of Parent Shares.
Appendix 1: Accounting for Influential Investments.
Appendix 2: Variable Interest Entities
9. The International Accounting Environment.
Module: Derivatives and Related Accounting Issues.
10. Foreign Currency Transactions.
11. Translation of Foreign Financial Statements.
12. Interim Reporting and Disclosures about Segments of an Enterprise.
13. Partnerships: Characteristics, Formation, and Accounting for Activities.
14. Partnerships: Ownership Changes and Liquidations.
15. Governmental Accounting: The General Fund and the Account Groups.
16. Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds.
17. Financial Reporting Issues.
18. Accounting for Private Not-for-Profit Organizations.
19. Accounting for Not-for-Profit Colleges and Universities and Health Care Organizations.
20. Estates and Trusts: Their Nature and the Accountant’s Role.
21. Debt Restructuring, Corporate Reorganizations, and Liquidations.

New to this edition

  • New Special Appendix Covers Variable Interest Entities: This unique appendix, following Chapter 8 discusses the unique features of Variable Interest Entities in detail.
  • Updated End-Of-Chapter Materials Reinforce Concepts and Stretch Critical-Thinking Skills: Abundant new or revised exercises and problems reinforce chapter concepts with class-tested practice. “Understanding The Issues” questions require students to think beyond the chapter presentation as they expand both reasoning and discussion skills. “Reflection” features connect applications with higher-level theory.


All supplements have been updated in coordination with the Main title.
Please see Main title page for new to this edition information.

Instructor Supplements

Companion Website  (ISBN-10: 1305084861 | ISBN-13: 9781305084865)

Expand your students’ understanding of advanced accounting with the numerous instructor and student resources available on this edition’s companion website. Easily download password-protected instructor resources. Students can review concepts using interactive learning tools. Easy-to-follow Excel® tutorials guide students in creating Excel worksheets, while Electronic Working Papers on the website provide tools to complete end-of-chapter problems. Excel templates and solutions are also available.

Cengage Testing, powered by Cognero® Instant Access  (ISBN-10: 1305086120 | ISBN-13: 9781305086128)

Cengage Learning Testing, powered by Cognero™, is a flexible, online system that allows you to author, edit, and manage test bank content from multiple Cengage Learning solutions. You can also create multiple test versions in an instant and deliver tests from your learning management system, your classroom or wherever you want!