Changes brought about by new and revised standards have once again been incorporated in this latest edition. It also incorporates two existing standards - IFRS 2 and IFRS 3 - that were not specifically addressed in the previous edition. The accounting principles are illustrated through questions which gradually increase in their degree of difficulty. This approach facilitates the students' understanding of these principles and allows them to get to grips with financial statements in a practical manner. Students will benefit from the countless opportunities to practise as self-study is encouraged.