Financial analysts expect that, by 2015, most countries will be using the International Financial Reporting Standards (IFRS), which allows standardization of financial reporting around the world, instead of the Generally Accepted Accounting Principles (GAAP). In Understanding Accounting for Financial Instruments under IFRS, author Abdul Islam outlines the increasingly universal policies in an accessible format for students and professionals alike. Many existing financial reporting guides are overly complex and require prior knowledge of the subject. As preparers of financial statements, auditors, financial analysts, and IFRS exam candidates adopt this unified reporting system, they need a guide to understand the intricacies and rules of IFRS.

As countries shift into a consolidated method for reporting their finances, auditors, analysts, and students must remain informed of the latest standards.