This text provides a first course in financial accounting for students of all disciplines. The book is based on the ASB's conceptual framework which ensures that practical learning is underpinned by solid theoretical understanding. It is designed to be accessible and uses a running case study, based on two characters, one a user, the other a preparer of financial information, to highlight the key issues. Students who complete the text should understand and be able to interpret the financial statements published by UK companies. They should also know in outline the regulatory process which controls the quality and quantity of information in those financial statements.