The compatibility of the consolidated accounting system with the requirements of financial reporting standards (An analytical study in accounting regulations of the Republic of Iraq) | ||
| Al Kut Journal of Economics Administrative Sciences | ||
| Article 1, Volume 0, Issue 13, April 2018, Pages 185-178 | ||
| Author | ||
| Assit.prof.kawla hossain hamdan and Dr.Emad mohamad Frhan | ||
| Abstract | ||
| Abctract The economy opening which the Iraqi environmental witnessed on the International Business from entering the investors after the events of 2003 and its amendments to some laws as well as the issuance of Accounting Standards Board and control accounting rules require amendment of the unified accounting promulgated in 1985 and amended in 2011 and accounting system consolidated corporate banking and insurance for the year and in a form that meets the measurement and disclosure in financial reports prepared in accordance with International Financial Reporting Standards, this has been touched on Outline of the standards of financial reporting and accounting systems in Iraq and laws issued by the Republic of Iraq, which necessitated the reached by the research:economic units adherence to standards of international accounting, then summary cited standards International financial reporting, and the development of accounting systems in line with those standards, the following main recommendations 1 - The accounting systems are adjusted according to the text of in laws regarding international accounting standards and according to which deal with of local accounting rules. 2 - The need to adopt a unified accounting system reportedly in financial reporting standards for the purpose of contributing to facilitate the removal of obstacles of accounting treatments and methods of disclosure. 3 - To enhance the role of the unified accounting system for banks and insurance companies towards the International Financial Reporting Standard No. (4) Insurance contracts, we see the need to adopt what came in the standard of accounting treatments related to insurance operations. | ||
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