I used this text for two units while studying my Bachelor of Arts/Bachelor of Business. It is a heavy book, making it difficult for study on the train and the shiney pages make it hard to read in the wrong lighting.
However, the material is comprehensive. Because of Deegan's writing style, each concept is effectively explained three ways: Deegan's summary of the accounting standard, quotes from the accounting standards and worked examples.
I recommend working through the tutorial questions as good preparation for assignments based on this textbook. If you're studying accounting, this book covers the material so well, you may not need to spend extra dollars on a copy of the Australian Accounting Standards, which can be downloaded from the AASB website anyway.