The article provides a practical guide on International Financial Reporting Standards (IFRS) to help in preparing and interpreting financial statements. The framework aims to establish fundamental accounting principles for creating financial reports. It assists in developing new standards, preparing financial statements, auditing them, and aiding users in understanding the financial information. Financial statements should give a clear picture of an entity's financial position, performance, and changes in financial position to various users like investors, employees, lenders, suppliers, customers, and the government. The goal is to provide useful information for making economic decisions based on the stewardship of resources by management.