The significance and contribution of International Accounting Standards, or International Financial Reporting Standards as they are known today, will be particularly important with the removal of economic borders and the globalization of the economy.

The unified accounting expression of financial figures requires the application of the Accounting Principles and Rules of International Accounting Standards. International Accounting Standards are a set of generally accepted Accounting Principles, Rules, Methods, and Procedures, the establishment of which will lead to uniformity in the preparation of financial statements and consequently to accurate, truthful, and consistent information for users of financial statements.

[...] (from the book's preface)