In writing the new edition, the authors were careful to retain the strengths and hallmarks of this book:

• Attention to detail. Students are expected to learn key concepts and definitions and to use the terms in the accounting standards when considering issues and writing reports.
• Practical application of accounting standards. Students must be able to apply accounting standards. Illustrative examples are used to demonstrate practical application, and extensive problems and exercises are available for student practice.
• Conceptual basis. It is not sufficient for students to learn practical examples by rote. To be able to apply accounting standards in unseen situations, students must understand the rationale behind the standards. This book emphasises the conceptual rationale behind the practice of accounting.
• Depth of analysis. Many current books and courses cover only the very simplest of practical situations, which are not representative of real-world practice. We have provided a variety of practical situations in which an accounting standard may be applied. This increases the complexity of the book, but makes the learning appropriate for future employment. By adopting a modular approach, particularly in the areas of external reporting and consolidated financial statements, the book enables teachers and students to learn progressively or selectively.