The environment of accounting is changing fast, and this environmental changes, such as continued inflation and critical financials problem of many cities, affect the goals and the content of an introductory text in accounting. In order to function intelligently as a citizen as well as in a business of any size or type, every individual need more than ever before a clear understanding the accounting basic concept.
In this fifth edition, we have tried to reflect the impact of inflation on accounting measurements and to suggest the direction of needed changing on accounting concept and method. The importance of adequate disclosure in the system on financial reporting is stressed, and attention is drawn to the need for inprove accounting controls in all sectors of society