A few minor points regarding this chapter: (1.) In section 1, it states "in many countries, accounting practices will change with the introduction of IAS (international accounting standards) from 2005 onwards". This is 3 years ago now, so should we not be talking about what has actually been observed to happen? (2.) In section 1.2 it refers to the "profit and loss account". Should this not be an income statement now? (3.) In section 1.3 it again refers to the profit and loss account instead of retained profits (although this is mentioned in Note 11). Thus, is this chapter perhaps in need of an update?
The Chapter uses the most up to date Core Reading, but it looks like the Core Reading hasn't been changed in this Chapter for a while and needs to change. I'll let the Profession know. However, ST3 is not really UK-specific, so the concept of profit and loss accounts etc stills hold. ST3 is trying to explain concepts rather than country-specific examples.
