The article discusses international standards in financial accounting, focusing on the IASC and the standard-setting process. It covers topics such as accounting statements, financial performance reporting, cash-flow statements, and related party disclosures. The article also addresses share capital transactions, accounting treatment of significant transactions, taxation in company accounts, and interpretation of financial statements. Key areas include accounting for leases, non-current asset standards, investment property, inventories, and construction contracts. External audit and preparation for examinations are also highlighted.