The purpose of Philippine accounting standards is to promote a common understanding of the underlying principles of financial accounting and reporting in the Philippines. By providing a common set of standards, businesses and investors can more easily compare financial statements from different companies. This, in turn, makes it easier to make informed investment decisions.The standards also help to ensure that financial statements are prepared in a consistent manner, making them more reliable and transparent. This is important in building trust between businesses and their stakeholders.Ultimately, the goal of Philippine accounting standards is to improve the quality of financial reporting in the country. This, in turn, should lead to better decision-making by businesses and investors, and ultimately to a more efficient and prosperous economy.