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Introduction of the company BML was inaugurated on November 11, 1982 and started commercial operations as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh." (History of Bank of Maldives, 2016) In the year 2015, financial performance was satisfactorily so that most key performance lines saw good year on year improvements. Hence, Net Profit Before Tax was up 29% on 2014 due to solid growth in most core income sources and lower provisions. As a result, the Board has recommended a final dividend payout of MVR 91,492,640 for 2015 which equates to MVR 17 per share (Bank of Maldives Annual Report , 2015) This report is based on Bank of Maldives Plc (BML) and will highlight four International Accounting Standards and their role in financial reporting The details of accounting standards, lAS 16, lAS 12, lAS 37 and IAS 36 are followed by explaining the application for the preparation of the financial statement of BML. For the purpose of this report, financial statement of 2015 is analyzed Discussion of International Accounting Standards "All the businesses have to have accounting standards to ensure that everything goes smoothly and that cash flow is running perfectly. These accounting measures for businesses also have to adhere to the accounting standards set by regulating bodies like the FASB and the IASB This is because there are policies and other documents that are imperative to every accounting act" (Importance of Accounting Standards, 2013). Likewise, in BML follows all the International Accounting Standards to prepare their financial statements. IAS 16, Property Plant and Equipment AS 16, Property plant and equipment, sketches the accounting treatment for tangible assets that are recognising as property, plant and equipment. According to this standard, property, plant and equipment is initially measure in its cost and afterwards it can be measured either using cost model or revaluation model. (IAS 16 Property, Plant and Equipment, 2016) The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial 1