Standardization in financial reporting is a must, especially as most organizations and companies practice accounting and finance in order to properly record, track, and allocate monetary resources in all of its operations. Established protocols can also give way in creating a common understanding between and among companies, especially as financial reports give a numerical idea of how business performs compared to others both internally and externally. These are the purposes that IASB, or the International Accounting Standards Board, aim to maintain in all of its members in the European Union.

Indeed, there is a need to promote standards and policies to regulate and streamline accounting practices. With IASB’s mission for accounting practitioners, this manual (used for a seminar on IASB conducted by Philippine Institute of Certified Public Accounts) comprehensively documents all of the written policies and standards according to the international financial standards. Several concepts and conditions are presented in order to help the participants familiarize themselves with the importance and application of IFRS framework for financial reporting.  Aside from that, this manual also explains how the standards came about and how it can be effectively used by businesses as a “common financial business language”.