This book has been carefully structured to comply with the 'elements of competency and performance criteria', as they are currently defined by the National Training and Information Service. In addition, it is also consistent with the most current Australia-wide standards outlined by the Australian Quality Training Framework. This makes the book appropriate for use in introductory Accounting units taught through registered training organisations. The text offers the most up-to-date coverage of International Financial Reporting Standards as they are stipulated by the Australian Accounting Standards Board.