Murray State & Texas A&M Professors Write the Book on Financial Accounting & Reporting

Two professors at the Bauernfeind College of Business at Murray State University, L. Murphy Smith, DBA (Doctor of Business Administration), and Katherine Taken Smith, DBA, along with Shannon Knight, CPA, a business professor at Texas A&M University, collaborated on a new financial accounting textbook. The book, Financial Accounting and Reporting, is published by CCH.

The new edition of the college textbook is designed for advanced undergraduate and graduate-level financial accounting courses and MBA programs, using a “cross-functional approach” to show the value of accounting information across all areas of a business, including production, sales, marketing and finance. For students in business disciplines other than accounting, the book can show how accounting information will contribute to their future job performance.

According to the book description, "Cross-functional applications are interwoven into the presentation of accounting fundamentals in each chapter. In addition, the book contains contemporary accounting issues related to ethics, information technology, and global commerce. The textbook features a chapter, as well as observations throughout the book, on International Financial Reporting Standards (IFRS) and how they differ from U.S. generally accepted accounting principles (GAAP)."

Co-author L. Murphy Smith said the approach they've taken in the book can help students understand how proper financial accounting and reporting functions have a real imact on a business. “Students will learn how accounting information contributes to the success of a firm by providing essential information for decision-making by accountants and non-accountants.”