Accounting Standards

[yota691]

Accounting Standards

 

 

14/12/2016 0:00  Ahmed al-Sumaidaie  Based on the implementation of business all over the world on the important things regulate the process according to the contexts of the targets on time and been stated in international quality and this will lead to a real direction for the development of effective.Among the key things that is the most important controls and economic advancement of international accounting standards, which are needed in the economy seeks the advancement and development. Most countries of the world have made great strides in the adoption of international accounting standards and that are adopted in order to address the investors and the money lists of consolidated financial statements and universally understood headers. And facilitate these lists and consolidated financial statements of the decision to invest and allocate capital in the various local economies.Adoption of standards is complex and expensive and need large expertise and potential due to the degree of complexity in economic activities and financial departments. We in Iraq provides the Banking Act of 2004 in Article 42 on the application of accounting rules and regulations in line with international accounting standards.  There are also basic necessities led to the call for convergence in accounting applications such as globalization and liberalization of trade, investment and development of financial markets, privatization and down to changes in the international monetary systems and the growth of multinational companies and open branches across the world.And lay hidden International Accounting in Iraq standards of the existence of a growing number of joint stock companies, and the increasing number of banks or to encourage investment in all its forms , as we are encouraged to apply and there are quite a number of insurance companies in Iraq of being linked to international firms keep international accounting standards, and the presence of international companies operating more than one field.    Many of the countries of the world began to replace local standards with international standards and because of the degree of complexity of developments in the financial operations of the standard - setting process. The next stage requires that we look to the Iraqi standards to see how keep up the great development witnessed in the financial operations and methods of measurement , especially in regards to the financial and banking sector, also prefer to identify the body responsible for monitoring the implementation of a comprehensive and independent standards and to be the body responsible for monitoring the implementation of a comprehensive and independent standards with international .  Here we have the plan adopted accordingly standards, and responsible party must agree to adopt standards plan and take into account the time frame for the adoption process and time frame for the transition period between the domestic and international standards. And in the coming period in order to rise to the field of accounting and employed to serve the national economy and must be a comprehensive training program on the level of Iraq for all accountants and auditors and prepare them for the work of the new standards, and combined with plans for a permanent training and not just one time.

[heeper00]

Hi yoda, it's all about the preparation then all souls run smoothly .

Cheers and Thank you for your preparation .

Go RV.

[Tonygrasso]

I read this article twice and I believe IMHO that this article is talking about bringing Iraq inline with international accounting standards, and training the people in the finance. Sector how to navigate the changes that are going to be implemented i.e. Delete the three zeros and make all accounting much simpler 

[nannab]

Nice piece Yota. It will bring them in line with the rest of the world

[tigergorzow]

6 minutes ago, Tonygrasso said:

I read this article twice and I believe IMHO that this article is talking about bringing Iraq inline with international accounting standards, and training the people in the finance. Sector how to navigate the changes that are going to be implemented i.e. Delete the three zeros and make all accounting much simpler 

Tonygrasso Thanks,  Concur with your assessment and keeping the faith!!