In its US edition, Accounting Principles has been a market leading introductory accounting textbook for over 25 years. The Australasian adaptation of this highly regarded textbook accentuates its relevance to both students and academics alike with its constructive pedagogical structure, application of accounting to a wider business environment, and clear, easy-to-understand writing style. As accounting is the language of business, Principles of Financial Accounting, 3rd Edition will teach students the value of accounting information in business and its integral role in business planning and growth.The third edition thoroughly details the steps in the accounting cycle and the accounting process, from recording business transactions through to preparing financial statements, and the reporting requirements under IFRS.Throughout the chapters real company financial information and extracts from annual reports are used to reinforce how accounting information is presented, and the range of business decisions that can be made from accounting information. The text is ideal for a first course in financial accounting and students studying with this textbook will be equipped with the knowledge and skills required to further their accounting studies.