European Accounting and Financial Reporting Environment -- General Developments within the European Union -- Theory of International Accounting -- Harmonisation of Accounting Systems in the European Union -- The 4th EU Directive/IFRS Framework - Main Differences -- Financial Accounting and Reporting in the European Union -- Small and Medium-Sized Companies - Analysing the Transition Process -- The Project of the IASB for Small and Medium-Sized Entities -- Hierarchy of IFRS Statements -- The Audit Process - Theory and Practice Developments -- The Auditing Profession and Structure of the Audit Process -- Standard Audit Process - Theory and Concepts -- Standard Audit Procedures and Structure of IFRS Level I Statements -- - Detailed Relevant IAS Statements Ist Level - Decision Structure -- Inventories and Cost of Sales Section -- IAS 11-Construction Contracts -- Property, Plant and Equipment -- IAS 17-Leases -- IAS 40 - Investment Property -- IFRS 5 - Non-Current Assets Held for Sale and Discontinued Operations -- IAS 36 - Impairment of Assets -- IAS 38 - Intangible Assets -- IAS 37 - Provisions, Contingent Liabilities and Contingent Assets -- IAS 12-Income Taxes -- IAS 18 - Revenue Recognition -- IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.