This is a new edition of the popular narrative introduction to financial accounting principles and practice, updated for changes to GAAP and cognisant of the harmonization of GAAP rules internationally and in SA. SAICA (SA Institute of Chartered Accountants) is in the process of shifting over to International Accounting Standards, and this process is likely to conclude by the end of 2006 at the earliest. Since changes to GAAP happen quickly students progressing in a CFA or CA stream need to be fully informed about the latest changes to AC standards. The new edition of the Accounting text should be the first first-year book to refer directly to the final international GAAP standards. This title will be the first publication to market that accommodates those changes to the Standards that have already become Statements, and are therefore already in effect. It will be one of the most up-to-date textbooks in accounting. The content editor Alex Watson is a member of the SA Institute of Chartered Accountants (SAICA) committee which is reviewing the SA GAAP.