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Advanced Financial Accounting in Canada, 1st edition

Published by Pearson Canada (January 15, 2022) © 2023

  • Nathalie Johnstone University of Saskatchewan
  • Kristie Dewald Vancouver Island University

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For courses in Advanced Accounting.

Advanced Financial Accounting in Canada is intended for advanced financial accounting courses covering investments in passive investments, associates, subsidiary, and joint arrangements. It also provides guidance on foreign transactions and investments as well as the accounting for not-for-profit entities. The objectives of this resource are to explain complex material in as straightforward a manner as possible and help students understand the purpose of complex accounting topics. Although students studying this material are not novice accounting students, they are novice learners when it comes to this particular set of material. As such, we have endeavored to use plain language to keep the focus on the core topics and to minimize unnecessary complexity.

Hallmark features of this title

  • ELA Homes chapter-opening cases. ELA Homes is a fictional private corporation that we use to connect the chapters throughout the textbook.  Each chapter includes a description of the growth that occurs in the business and demonstrates the need for the various accounting treatments that align with each chapter with a comprehensive scenario and detailed solution provided at the end of the chapter.
  • Practically Speaking boxes. This feature includes real life examples of the material covered.  Examples include excerpts from annual reports, financial statements, notes to the financial statements and other general information.  This allows students to see how accounting standards apply to Canadian companies.
  • Illustrative Examples. Throughout the chapters, illustrative examples are provided to apply the accounting standards and methods discussed.  The examples are formatted so that students may attempt to solve the problems before looking at the solution.  The solutions to illustrative examples include explanations that are more detailed than those provided with the end-of-chapter materials so that students have an opportunity to fully explore the application of the standards.
  • Review Questions, Problems, and Cases. Review questions provide opportunities for students to assess their understanding of the qualitative concepts.  Problems range in complexity allowing students to practice the different concepts illustrated in the chapter or previous chapters. Each chapter includes cases to allow for classroom discussion of topics and for students to apply the material to less structured scenarios.  

Important Digital Assets in MyLab Accounting

  • Dynamic Study Modules. Using a highly personalized, algorithmically driven process, Dynamic Study Modules continuously assess student performance and provide additional practice in the areas where they struggle the most. Each Dynamic Study Module, accessed by computer, smartphone, or tablet, promotes fast learning and long-term retention.
  1. Introduction to Advanced Financial Accounting
  2. Accounting for Non-Controlled Investments
  3. Chapter 2 Appendix Deferred Income Tax and Non-Controlled Investments
  4. Introduction to Business Combinations
  5. Chapter 3 Appendix Deferred Income Taxes and Business Combinations
  6. Control Investments: Subsequent Measurements with Wholly Owned Investments
  7. Control Investments: Intercompany Transactions with Wholly Owned Subsidiaries
  8. Chapter 5 Appendix Deferred Income Taxes with Control Investments: Intercompany Transactions with Wholly Owned Subsidiaries
  9. Control Investment of Non-Wholly Owned Subsidiaries
  10. Chapter 6 Appendix Deferred Income Taxes (DIT) with Control Investment of a Non-Wholly Owned Subsidiaries
  11. Accounting for Associates (Revisited) and Joint Arrangements
  12. Control Investments—Other Reporting Issues
  13. Foreign Currency Transactions
  14. Translation and Consolidation of Foreign Operations
  15. Accounting for Not-for-Profit Organizations

Nathalie Johnstone, FCPA, FCA, MPAcc is an Associate Professor of Accounting and Taxation at the N. Murray Edwards School of Business, University of Saskatchewan. Professor Johnstone holds a Bachelor of Accounting and Master of Professional Accounting from the University of Saskatchewan. She teaches a variety of courses in the accounting program, including advanced accounting and taxation. She has acted as the CPA Western School of Business lead tax facilitator for the CPA PEP and has been involved in material development for CPA PEP. She has won several teaching awards including the University of Saskatchewan Provost Teaching Award, University of Saskatchewan Student Union (USSU) teaching excellence award, 6-time recipient of the ICAA MPAcc Teaching Excellence Award, the ESB Somers Awards for most approachable professor and the Kouri Berezen Heinichs Distinguished Facilitator Award.

Kristie Dewald, CPA, CA, MET is a professor in the accounting department at Vancouver Island University's Faculty of Management. She has over 20 years of teaching experience at both the graduate and undergraduate levels and has taught at the University of Alberta, University of Saskatchewan, and University of Victoria. Kristie also teaches for the CPA Professional Education Program (PEP) for the CPA Western School of Business and has been involved with material development for both PEP and CPA Preparatory Courses. She is the recipient of numerous teaching awards including the Chartered Professional Accountants Education Teaching Award and the Kouri Berezan Heinrichs Award for CASB Facilitator of the Year (Alberta).

Cheryl Wilson, CPA, CA, is an accounting professor in the School of Business, IT & Management, at Durham College. She teaches a variety of accounting and auditing courses, including advanced financial accounting and also holds the role of Accounting Program Coordinator at the College. Over the past ten years, she has taught a number of accounting and finance courses at the University of Ontario Institute of Technology (OntarioTech) and currently teaches both advanced financial accounting at the undergraduate level and advanced finance in the accounting graduate diploma. She has received nominations for the Student Choice Award for her commitment and dedication to teaching.

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