Financial Accounting with International Financial Reporting Standards1 Accounting in Action 1 1 Knowing the Numbers 1 1 1. 1 Accounting Activities and Users 1 3 Who Uses Accounting Data 1 4 Data Analytics 1 5 1. 2 The Building Blocks of Accounting 1 7 Ethics in Financial Reporting 1 7 Accounting Standards 1 8 Measurement Principles 1 9 Assumptions 1 9 1. 3 The Accounting Equation 1 12 Assets 1 12 Liabilities 1 13 Equity 1 13 1. 4 Analyzing Business Transactions 1 14 Accounting Transactions 1 15 Transaction Analysis 1