This updated edition explains the financial reporting concepts, accounting treatments and requirements, and preparation and presentation of financial statements encountered at the corporate or individual entity level by using the most updated International Financial Reporting Standards (IFRSs), including the latest IFRSs on financial instruments and fair value measurement.

This book is suitable for students, lecturers and practitioners. Students and lecturers should find this a good textbook for undergraduate and postgraduate intermediate and advanced accounting and financial reporting courses. Users and preparers of financial reports will find the concepts and explanations useful in their daily work, and they can use the book as a guide in analysing, auditing and preparing their financial reports.