Financial accountancy is governed by both local and intemational accounting standards. The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about firm's performance to extemal parties such as investors, creditors, and tax authorities. This book covers advanced level topics in financial reporting within the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) reporting framework. While the book is aimed at advanced level accounting degree students in tertiary institutions, it is a useful primer for practitioners who wish to reinforce their knowledge of rapidly changing accounting standards .