After the preparation of the first edition of "Financial Accounting," which was primarily written according to the then-applicable International Accounting Standards (IAS) and APBs and FASBs, the following significant events occurred that affected both the theory and the application of Financial Accounting and Financial Reporting:

a. The issuance and gradual (mandatory) implementation of the Greek General Chart of Accounts (GCA).

b. The issuance of a new Code of Books and Records, which replaced the Code of Tax Records (CTR), and the rapid development of Computerized Accounting and Accounting Information Systems.

c. The systematization of the International Accounting Standards and their translation by the Body of Chartered Accountants (BCA).

d. The adoption of IAS by the European Union and their mandatory implementation.

e. The mandatory implementation of IAS by Greek companies whose shares are listed on the Athens Stock Exchange starting from January 1, 2005.

In this edition, an effort has been made to present the most important of the IAS, particularly in the appendix, with many examples and applications. We believe that both students and accountants, as well as financial managers, will find this edition useful and practical.

Thessaloniki, December 2005
Assistant Professor Angelos A. Tzaklanganos