Following points highlight the importance or usefulness of IFRS:
(i) Growth in International Business: IFRS will facilitate enormous expansion in world trade and international investment.IFRS will make accounting reports as a universal means of communication among businessmen, entrepreneurs and investors.
(ii) Investors: with the use of IFRS, it will be convenient for invertors to assess the relative merits of alternative investment opportunities by making comparison of the financial performance of companies in different countries.
(iii) Multinational Companies: multinational companies will find raising of funds from global markets easy.Consolidation of overseas subsidiaries would be easier due to IFRS.
(iv) International Audit Firms: The adoption of IFRS is in interest of international audit firms as it would facilitate sale of their services in different parts of the world.
(v) Developing Countries: Many countries do not have their domestic accounting standards.IFRS would enable them to adopt a ready-made system without spending any time, money or efforts. The adoption of IFRS would promote foreign investors to invest in developing countries.

Following are the benefits of accounting standards:
(i) Creditability and Reliability of Financial Statement: Accounting standards provide a structured framework within which credible financial statements can be produced. Accounting standards standardize diverse accounting policies and practices and eliminate the non-comparability of financial statements.
(ii) Beneficial to Accountants and Auditors: Accounting standards provide the norms on the basis of which business transactions are recorded and financial statements are prepared. Accountants are not required to use personal judgement and discretion while recording business transactions. Accounting standards helps the auditors in the audit of accounts.
(iii) Managerial Accountability: Accounting standards help in assessing managerial skills in ensuring profitability of the enterprise and in measuring the effectiveness of management's stewardship. It will be difficult for the management to manipulate financial data.
(iv)Development of Accounting Theory: Accounting standards provide a coherent, logical, conceptual framework and structure for accounting measurements, financial reporting and usefulness of accounting data. This has facilitated the making of accounting theory which commands universal acceptance.

Money Measurement Concept: Money measurement concept means that only those transactions which can be expressed in terms of money are recorded in the books of accounts. It means that transaction and facts, which cannot be expressed in terms of money, will not be recorded. For example, general health condition of the managing director, working conditions, sales policy, industrial relations, quality of the products etc. are very useful facts of the business but are not shown in the books of accounts because these cannot be expressed in terms of money. This concept restricts the scope of accounting to the information which can be expressed in terms of money. In this way, the scope of personal judgement and bias is restricted. Further, this concept makes accounting data homogenous and helps in understanding the affairs of the business.

(i) Dual Aspect: According to Dual Aspect principle every business transaction has two aspects, i.e., debit and credit with same amount. e.g., Rent paid Rs 1,000. So this transaction has two aspect one is debit as rent and other is cash which will be credit. Trial Balance is also prepared as per the Dual Aspect principle.
(ii) Accrual: According to this principle, all anticipated losses and expenses should be recorded in the books of accounts, but all anticipated gains should be ignored.
(iii)Conservatism: It is also called Prudence Principle. Conservatism principle says that provide for all possible anticipated losses but not for profits. But the biggest drawback of this principle is creation of secret reserve. For example: Creation of Provision for doubtful debts.

The concept of money measurement states that only those transactions and happenings should be recorded in organisation which can be expressed in terms of money such as sale of goods or payment of expenses or receipt of income, etc. are to be recorded in the books of account. All those transactions or happenings which cannot be expressed in monetary terms, for example, the appointment of a manager capabilities of its human resources or creativity of its research department or image of the organisation among people in general do not find a place in the accounting records of a firm.
Change in prices, the value of money does not remain the same over a period of time. The value of rupee today on account of rise in prices is much less than what it was, say ten years back. Therefore, in the Balance Sheet, when we add different assets bought at different points and different time, say building purchased in 1995 for Rs 2 crore, and plant in 2005 for Rs 1 crore we are in fact adding heterogenous values, which can not be clubbed together. As the change in the value of money is not reflected in the books of accounts, the accounting data does not reflect the true and fair view of the affairs of an enterprise.

The process of ascertaining the amount of profit earned or the loss incurred during a particular period it involves deduction of related expenses from the revenue earned during that period. The matching concept emphasises exactly on this aspect. It States that expenses incurred in an accounting period should be matched with revenues during that period. It follows that the revenues and expenses incurred to earn these revenues must belong to the same accounting period. Revenue is recognised when a sale is complete or services is rendered rather when cash is received. Similarly an expense is recognised not only when cash is paid but when an asset or services has been used to generate revenue. For example, expenses such as salaries, rent, insurance are recognised on the basis of period to which they relate and not when these are paid. Similarly, costs like depreciation of fixed asset is divided over the periods during which the assets is used.
The matching concept, thus, implies that all revenues earned during an accounting year, whether received during that year, or not and all costs incurred, whether paid during the year, or not should be taken into account while ascertaining profit or loss for that year.

(i) Money measurement concept: Restricts the scope of accounting to factors that are measurable in terms of money. It says only the transactions measurable in terms of money are to be recorded. While we can record values of various assets and liabilities, we cannot record the. level of satisfaction of our customers and loyalty of our employees. We can say our customers are 'happy' or 'very happy', but we cannot write in our accounts how much our customers are happy, simply because 'happiness' cannot be measured in terms of money.
(ii) Principle of Full Disclosure: This principle implies that the accounting report should be full and accurate. If there is any material fact which can affect the profitability of the business in future, it must disclose it to the users whether it is legally required or not. There are standard forms for Balance Sheet, Notes to Accounts for Balance Sheet and Profit & Loss Account. It is a legal requirement for joint stock companies to present information in the standardized form.
(iv) Dual Aspect Principle: This principle is the backbone of accounting. Every business transaction affects at least two aspects in a business. When we buy goods, we get goods and pay cash. When we sell goods we give goods and get cash. Accounting is much more than just buying and selling. Dual aspects is involved in every transaction and event which gives rise to the basic accounting equation, Equity + Liabilities = Assets.