In addition to the changes noted below, we have also included many new Feature Stories and Insight boxes throughout the chapters, to ensure that our use of real-world companies is as relevant and engaging to students as possible.

Chapter 1 Accounting in Action

• New format of transaction analyses, so students see Basic Analysis and Equation Analysis together, for a better understanding of the dual effect on the accounting equation.
• New People, Planet, and Profit Insight, about whether corporations should take into account environmental and social performance as part of their financial results.

Chapter 2 The Recording Process

• Rewrote Debits and Credit section, to provide additional instruction/explanation to students.

Chapter 3 Adjusting the Accounts

• Updated revenue recognition discussion to reflect the proposed new accounting standard, whereby revenue should be recognized in the accounting period in which services are performed (formerly when revenue was earned).
• Updated discussion of The Basics of Adjusting Entries section, including new transaction analysis format (Basic Analysis, Equation Analysis, Debit-Credit Analysis, Journal Entry, and Posting) for adjusting entries examples, providing continuity from Chapters 1 and 2.
• New People, Planet, and Profit Insight, about how companies' disposal of waste materials might lead to accounting issues.
• New Appendix 3B, Concepts in Action, about the accounting assumptions, principles, and constraint that accountants use as a basis for recording and reporting financial information.

Chapter 4 Completing the Accounting Cycle

• New People, Planet, and Profit Insight, about the dimensions that influence a company's reputation and consumer behavior.

Chapter 5 Accounting for Merchandising Operations

• Added additional explanation to Sales Returns and Allowances section, to increase student understanding.
• Added new illustration in Sales Discounts section, so students could better visualize how net sales are composed of sales revenue, sales returns and allowances, and sales discounts.
• New People, Planet, and Profit Insight, about how companies can market their green efforts.
• Rewrote Appendix 5A, Determining Cost of Goods Sold Under a Periodic System, to improve student understanding.

Chapter 6 Inventories

• Expanded discussion in Cost Flow Assumptions section, to ensure student understanding of accounting requirements for cost flow assumption chosen.

Chapter 7 Fraud, Internal Control, and Cash

• New People, Planet, and Profit Insight, about the need for internal controls for sustainability accounting.
• New Helpful Hint about how petty cash receipts satisfy internal control procedures.

Chapter 8 Accounting for Receivables

• Rewrote Types of Receivables section, to include more general discussion of receivables.
• Added new material on recent home foreclosures in section on Valuing Accounts Receivable.
• Expanded discussion of Disposing of Notes Receivable section, to include a timeline illustration to increase student understanding.

Chapter 9 Plant Assets, Natural Resources, and Intangible Assets

• New DO IT! on revised depreciation.
• New People, Planet, and Profit Insight, about BHP Billiton's sustainability report and how it measures the success or failure of its environmental policies.

Chapter 10 Liabilities

• Added more general discussion in Accounting for Bond Issues section, to ensure student understanding.

Chapter 11 Corporations: Organization, Share Transactions, Dividends, and Retained Earnings

• Added more real-company detail to Characteristics of a Corporation section, to increase student engagement/interest.
• New People, Planet, and Profit Insight, about how most investors believe environmental and social factors impact shareholder value.

Chapter 12 Investments

• Updated Categories of Securities section, to reflect proposed new classifications for debt and share investments.

Chapter 13 Statement of Cash Flows

• New Appendix 13C, Statement of Cash Flows—T-Account Approach.

Chapter 14 Financial Statement Analysis

• New Anatomy of a Fraud, about using Benford's Law (statistics) to detect fraud.

End-of-Textbook

• New Appendices A–D, financial statements of Samsung Electronics, Nestlé, Zetar, and Tootsie Roll Industries.