Grounded in financial statements, Financial Accounting allows accountants to see not only the impact of financial transactions in financial statements, but also the impact of transactions on overall business decisions. The eighth edition offers new elements designed to sharpen Pratt’s economic decision-making foundation with a more timely, real-world focus. Up-to-date, expanded, and detailed IFRS coverage is now included. The SEC 2014 roadmap is explored in all chapters. Comprehensive coverage of real-world financial crisis issues is presented. Accountants will also find more discussions on the increasing role of management’s assessment of internal controls over financial reporting.

The formula for successful management is simple: attract capital at the lowest possible cost, and invest it in projects where the return exceeds the cost. But making the right decisions isn't easy. When students enter the workforce, they will need to understand economic factors, measurement issues, and the mechanics of financial accounting.