This book uses the international Conceptual Framework (as revised in 2018) and
International Financial Reporting Standards (IFRS) as its primary focus. It enables
students in their early stages of study to understand and analyse the published annual
reports and financial statements of our largest businesses and public sector institutions.
IFRS are now applied in many aspects of government, local authority and other public
sector accounting. Where relevant it also refers to the approach used in small and
medium-sized businesses where the traditions of UK GAAP continue to be applied.
The book is written for the first level of undergraduate degree study in accounting
and business studies, or equivalent introductory accounting courses for any professional
training where an understanding of accounting is a basic requirement. While UK listed
companies apply IFRS in their published financial statements, the remainder of the
annual report is governed by UK-based regulations and codes. All UK companies operate
under the Companies Act 2006. Their annual reports are influenced by the regulatory
process applied to listed companies in the UK. This eighth edition is thoroughly revised
to reflect these regulatory changes, particularly the restructuring of the Financial
Reporting Council to take responsibility for the standards previously issued by the UK
Accounting Standards Board, and the introduction of the strategic report