Whilst this edition has maintained the broad outline of its successful predecessor, relevant chapters have been amended to incorporate the changes required by both the IASB's improvements project and the amendments to existing local statements.

Whilst this edition has maintained the broad outline of its successful predecessor, relevant chapters have been amended to incorporate the changes required by both the IASB's improvements project and the amendments to existing local statements. Although IAS 1 no longer requires the line item, 'profit from operations' on the income statement, this line item has been retained in all applicable solutions. Although IAS 1 no longer requires the line item, 'profit from operations' on the income statement, this line item has been retained through out the text. A table is included at the front of the text listing the IFRS numbering system alongside the South African AC numbering system. The example used to explain the accounting process throughout chapters 2 to 7 has been changed from a service entity to a retail entity. Basic entries relating to the purchase and sale of goods are introduced. Inventory purchased is recorded as an asset and cost of goods sold are recorded as an expense, in terms of the conceptual framework. The details of periodic and perpetual inventory systems have been retained in chapter 8, which has been modified to take into account the earlier introduction of a retail entity.

• A conceptual overview
• The role of accounting in business
• the accounting framework
• the accounting equation and the analysis of transactions
• The accounting process
• Recording external transactions
• recording internal transactions
• preparation of the financial statements
• closing entries
• The accounting process expanded
• Inventory systems
• the analysis journals
• value
• added tax
• Recognition and measurement of the elements of the financial
• Property, plant and equipment
• inventory and cost of sales
• accounts receivable and bad debts
• cash and bank
• non
• current and current liabilities
• owner's equity
• Entity forms
• Accounting for partnerships
• accounting for close corporations
• accounting for companies
• entity combinations and conversions
• Sundry topics
• Cash flow statements
• analysis of financial statements
• accounting for non
• business entities
• incomplete records