The fifth edition of this popular textbook covers all 25 current accounting standards. There are new chapters on FRS 4 (Capital Instrument), FRS 5 (Reporting the Substance of Transactions), FRS 6 (Acquisitions and Mergers), and FRS 7 (Fair Values in Acquisition Accounting).
A complete chapter is devoted to each standard currently in force. The format of each chapter varies but follows a similar theme in relation to each standard: the problems the standard addresses; detailed requirements; practical compliance problems; and controversy over the standard. Worked examples are given where appropriate, in order to illustrate accounting treatment of the standard and help improve students’ examination skills. Questions are provided at the end of the chapters to provide students with practice in answering examination standard problems. Answers to these questions are provided at the end of the book.