Our main purpose in writing this book is to provide a comprehensive but introductory description of the purpose, practice and theory behind contemporary financial accounting in Australia. Nevertheless, with the increasing emphasis on the globalisation of business, the material is also suitable for the study of introductory accounting in an international context. The book is designed for tertiary students interested in an accounting career and for others wanting a general understanding of the use of accounting information, especially in the business sector. The book caters for a two-semester course at an undergraduate level, but it can also be used in courses at a postgraduate level for those who wish to obtain a general understanding of the role of accounting information systems in business.

This fifth edition builds on the strengths of previous editions with a strong focus on the decision-making role of accounting as well as on a student's acquisition of generic skills such as interpersonal communication, analysis and problem solving, critical thinking, and an appreciation of ethical issues. However, the authors also believe that competency in the technical skills of accounting should not be overlooked, and the book therefore continues to provide discussion of technical matters at an introductory level. It is our belief that a person equipped with knowledge of technical material in accounting possesses a powerful tool in the process of making economic decisions and in analysing and solving business problems. These technical skills are used in the book to explain the accounting concepts that form the basis of the practice of accounting. The use of the technical skills of accounting in teaching concepts improves students' understanding as they have a practical framework on which to build their understanding.