The book demonstrates the practical application of IASB standards using straightforward explanations and simple examples. It also addresses the challenges faced by an auditor or accountant in applying such standards and in reading and understanding financial statements . In addition, the book provides learning aids in the form of well-advised solutions, multiple choice questions (with answers) and insight practical views. In this book, many examples and answers were included, as well as further practical answers and exercises. The International Accounting Standard 30 "Disclosures in Financial Statements of Banks and Similar Financial Institutions" was deleted.
The International Accounting Standards Board, a body responsible for the development of IFRSs, works closely with the committees setting national accounting standards in different countries, including the American Financial Accounting Standards Board and the Japanese Accounting Standards Board, in order to reduce differences between local accounting standards and International Financial Reporting Standards in each country.