The completely revised new edition of the handbook takes into account the latest developments in International Financial Reporting Standards (IFRS). Clearly presented and tailored to the needs of practitioners, it explains the entire IFRS standards framework alongside the conceptual framework: from the regulations on the selection of recognition and measurement methods to accounting, consolidation, presentation in reporting instruments, and interim reporting, up to the first-time application of IFRS. Overviews, tables, and practical examples provide quick and reliable guidance. Notably, it highlights the commentary on the most recently announced changes in the following standards, including currently discussed developments: application and amendment of accounting policies, estimates, and errors (IAS 8), changes to the definition of a business (IFRS 3), current and deferred income taxes including Pillar II (IAS 12), financial assets/liabilities - financial instruments including Power Purchase Agreements (IFRS 9), accounting for Covid-19-related rent concessions (IFRS 16), as well as issues of delineation in insurance contracts (IFRS 17). It considers all changes relevant to IFRS consolidated financial statements for 2023 and 2024.