Approved in 140 countries.. Iraq launches a unified accounting system with international standards

RJG · January 20

January 19, 2025

in Iraq

Approved in 140 countries.. Iraq launches a unified accounting system with international standards

The Federal Supreme Audit Bureau has issued an updated “Unified Accounting System” in accordance with international standards in force in 140 countries. The system is currently being used in its trial version, and will be officially launched next year, 2026. The new system provides more transparency in accounting operations and good governance, and also contributes to attracting foreign investment through its compatibility with international standards .

The Deputy Chairman of the Court, Qaisar Ghazi, said, “The new system began operating at the beginning of this year 2025 (experimentally) in parallel with the unified accounting system that was previously in effect, and it will be applied at the beginning of next year 2026 as a mandatory measure.”

Ghazi pointed out that “the Accounting and Auditing Standards Board, which was established in 1995 under the chairmanship of the President of the Audit Bureau and the membership of many relevant and specialized entities in accounting matters, had a tendency to issue local accounting rules and succeeded in issuing 15 rules; however, the development in the accounting profession, which has become the language of economics, made the local systems in effect in Iraq incomprehensible to external parties and incomparable, as they do not keep pace with what is in effect globally, and this is one of the factors that limited foreign investment and the entry of foreign companies into the Iraqi market.”

He explained that “compliance with international standards enhances integration between the local and global economy, which contributes to attracting capital and achieving sustainable economic growth. In order for the Iraqi economic environment to communicate with the world, these standards must be launched and applied.” He added that “the accounting system must take into account all matters related to the laws, regulations and instructions in force in order to be consistent and not conflict with them.”

https://miliq.news/economy/41548--140-.html

Edited January 20 by RJG