We all know, International Financial Reporting Standards, have been adopted in over 120 countries in its original or converged form. It has now become imperative to understand and internalise the concepts and intricacies of International Financial Reporting Standards, popularly known as IAS / IFRSs. This work professes to assist finance professionals and students to: a)Deep dive into International Financial Reporting Standards (IAS / IFRSs) as updated b)Explain the concepts with explanations, more than hundred charts, 200 illustrations, solved problems and case studies related to the standards c)Compare the International Financial Reporting Standards with other existing GAAPs including US GAAP