This book integrates theory with core concepts, covering accounting standards and practices typical of an intermediate course. It includes the latest standards like IFRS 15 on revenue recognition and IFRS 9 on financial instruments. After discussing the four financial statements, it addresses revenue and expense recognition, linking financial reporting to value-adding activities. Chapters Five through Ten focus on asset-related balance sheet issues. The book highlights differences between International Financial Reporting Standards and special project standards. It contains ten chapters and appendices, covering financial accounting theory, conceptual frameworks, accrual accounting, revenue recognition, cash and accounts receivable, inventory, financial assets, property, plant, and equipment, intangible assets, fair value applications, cash flow statements, time value of money, case solutions, and Canadian Tire's 2013 consolidated financial statements.