Adapted from the successful US edition, Fundamentals of Intermediate Accounting by Kieso, Weygandt & Warfield, this text provides students with a thorough examination and explanation of concepts in financial accounting such as the conceptual framework, presentation of financial statements (and the major reporting issues related to assets), liabilities, equity, revenues and expenses. In response to the internationalisation of accounting standards, the diversity of students' backgrounds and the professional opportunities a study of commerce presents, this text offers a unique comparative analysis of the financial reporting requirements under the jurisdictions of IASB, FASB and AASB. The text provides students with an understanding of financial accounting reporting requirements globally that equips them with an international perspective on financial reporting procedures and issues. Accounting is the language of business and a qualification in accounting is seen as an international 'professional passport' for graduates. This text is ideal for commerce programs whose objective is to deliver an international context to the study of accounting. As the majority of financial accounting reporting principles covered in the text are discussed within the conceptual frameworks of Australia, the United States and International Accounting Standards, students will learn how to account for and appreciate accounting events on a global level. The text is ideal for the second course in financial accounting under the undergraduate program, Master of Professional Accounting, or subjects on international financial reporting. NEW TO THIS EDITION * Procedures for financial reporting of assets, liabilities, equity, revenue and expenses clearly explained and aligned to the requirements under IASB, FASB and AASB. * Inclusion of real company financial data reinforces and applies concepts to improve student understanding. * Details the current conceptual framework and regulatory environment under the jurisdictions of Australia, the United States and International Accounting Standards. * Australian financial reporting requirements integrated throughout. FEATURES * Clear pedagogy reiterates the 'how' and 'why' for students, building upon knowledge gathered in the first year accounting program. * Chapter-opening vignettes introduce an accounting topic or reporting procedure that is explained in the chapter. * Information is presented in an easy-to-understand writing style with ample illustrations to real-world companies; financial information is presented in chapter vignettes titled 'What the numbers mean?' * Extensive end-of-chapter activities will develop a range of core skills; the inclusion of real-world company information presents students with interesting scenarios that require critical assessment and judgement. * Each chapter contains an 'Overview of Financial Reporting Systems' that outlines the reporting differences between IFRS, FASB and AASB. * Succinct, easy-to-understand explanations of accounting processes, supported with practical examples that can be used for comparative financial assessment. ABOUT THE AUSTRALASIAN AUTHORS Neil Fargher is Professor of Accounting in the Department of Accounting, Macquarie University, Sydney. His research areas are in financial accounting and auditing risk. Prior to moving to Macquarie University, he had taught at the University of New South Wales for over fifteen years and has published extensively in various journals and is well known within the Australasian academic community. Victoria Wise B.Com., M.Econ., PhD., FCPA is a Professor in the School of Accounting and Corporate Governance at the University of Tasmania, Hobart. During her twenty years as an academic she has taught financial accounting and auditing to undergraduate, honours and postgraduate students. Victoria has over approximately 120 publications including books and book chapters, refereed and professional journal articles and conference proceedings. Her journal articles focus on international financial reporting standards, regulatory issues, public sector, consolidated and small business financial reporting. Her current research interests include business regulation and financial literacy.