**No more confusion its all right here**

[easyrider]

Folks, there have been questions about the dates used for the official Iraq Fiscal Year. The questions seem to revolve around whether it matches the Gregorian Calendar Year or the Islamic Calendar Year... or something altogether different. It is my humble opinion (after research) that the Iraq Fiscal Year starts January 1st and ends December 31st. As a point of reference, the United Arab Emirates also follows this fiscal year structure... UAE Fiscal Year at Wikipedia

For Iraq specifically, we can look at the CBI documentation and other references. According to the Iraqi Constitution, Page 32 | Article 110:

Article 110:

The federal government shall have exclusive authorities in the following matters:

First: Formulating foreign policy and diplomatic representation; negotiating,

signing, and ratifying international treaties and agreements; negotiating, signing,

and ratifying debt policies and formulating foreign sovereign economic and trade

policy.

Second: Formulating and executing national security policy, including

establishing and managing armed forces to secure the protection and guarantee

the security of Iraq’s borders and to defend Iraq.

Third: Formulating fiscal and customs policy; issuing currency; regulating

commercial policy across regional and governorate boundaries in Iraq; drawing

up the national budget of the State; formulating monetary policy; and establishing

and administering a central bank.

Hence, one could presume that the establishment of the Central Bank of Iraq (CBI) was a constitutional move and the fiscal year that the CBI follows can be construed as the "official" Iraq fiscal year. If we look at the CBI's definition of their fiscal year, we find that it is indeed Jan 1st through December 31st. Their 2009 Financial Statement (LINK HERE) which was prepared by Ernst & Young as an independent auditor, and is published at the CBI website, states in the opening paragraph:

"We have audited the accompanying financial statements of Central Bank of Iraq (CBI), which comprise the statement of financial position as at December 31, 2009 and the statement of comprehensive income , statement of cash flows and statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes."

Again, according to this document the CBI is "... a governmental entity that was established under the Central Bank of Iraq Law Number 43 of 1947 as amended, and carrying out its acitivities under the Central Bank Law of 2004issued by the Coalition Provisional Authority Order Number 56." (Page 9 of 2009 Financial Statement )

According to the CBI's "Banking Law" document found on their website here, the financial year is defined: (page 31, Section 6, Article 40)

Section 6 - Accounts and Financial Statements

Article 40 Financial Year

The financial year of domestic banks shall begin on January 1 and end on December 31 of the same year. For a branch of a foreign bank, the financial year may differ.

Since the CBI is the "official" bank of Iraq and Iraq's financial matters are handled therein, it is safe to say that Iraq itself follows a fiscal year that starts on January 1st and ends on Decemeber 31st.

As further evidence, you can look at some of our official reports regarding Iraq at the GAO, like this report. On page 2 of this report, the footnotes let us know that:

"The Board of Supreme Audit is the supreme audit institution of Iraq, as the GAO is the supreme audit institution of the United States."

On page 8 of the same report (and other places) the Board of Supreme Audit's reports are footnoted like this:

"Republic of Iraq, Board of Supreme Audit, Financial Statement for the Republic of Iraq through 12/31/06 (Sept. 30, 2009)."

It is clear that the Board of Supreme Audit (HERE) ends their financial audit reports on December 31st.

I recommend that anyone interested in the banking laws, the general Constitution, and the relationship of the CBI to the Iraq government should read the above linked documents. It will give you a picture of who/what can do what in relation to the currency. Pay special attention to the Banking Law document at the CBI website.

I hope this clears up the Fiscal Year discussion!

[steveinfla]

YA DA MAN!!!!!!!

[sweet C]

Thanks Easy!

[swartzkaulf]

Easy I do appreciate all of the time and work you have put forth on this post . Thank you :D

[DinarThug]

Ring In the New Year with an RV Shabbi !

B)

Thx for the post Easy

[betty1970]

Oh well done Easy, that's more like it, thank you very much for your obvious consideration and care for the members here.

Happy Christmas.

[Maggie123]

Yeppers... I would say you cleared that up Easy! Great Research and Thank You

Come on January 1st 2012!

[musky]

easyrider , your a fool, not a trader , just a guy trying to make a pile of sheit look like gold. Grow up.

[coldwarvet]

musky, speaking as a veteran who always respected the uniform I wore, I would expect someone who displays a badge as part of his icon to interact with others in a manner more in keeping with the office I represent. Or am I asking too much?

[AFvet]

Sure hope it's true Easy, sure would make for a super start to the New Year!

[mrref]

musky, speaking as a veteran who always respected the uniform I wore, I would expect someone who displays a badge as part of his icon to interact with others in a manner more in keeping with the office I represent. Or am I asking too much?

Thank you

[easyrider]

easyrider , your a fool, not a trader , just a guy trying to make a pile of sheit look like gold. Grow up.

LOL whats your deal? the fact some have been debating on when the fiscal year is and i think i just cleared that up. Stop trolling so hard especially around christmas wheres the spirit?

[oneremedy]

Time to do some musky huntin'! Or just boot his a s s if he is gonna talk dumb.

Thanks for everything you do here easy!

[bodeen]

Time to do some musky huntin'! Or just boot his a s s if he is gonna talk dumb.

Thanks for everything you do here easy!

+1

Go Day 14

[tandy]

looks like somebody has a cuckleburr in their drawers...your...shows possession......who is a ****? Stoopid can't be fixed! neither can stupid...

thx for the post Easy!

[Darren77th]

Good research. There is no doubt as to when their fiscal year is. Not really sure where your going with this info?

[detroitjazzman]

musky, speaking as a veteran who always respected the uniform I wore, I would expect someone who displays a badge as part of his icon to interact with others in a manner more in keeping with the office I represent. Or am I asking too much?

Perhaps he is just being who he is ..... he wouldn't be the first to always have his badge in your face and then resort to name calling.... just saying

[Elixirbaby]

easyrider , your a fool, not a trader , just a guy trying to make a pile of sheit look like gold. Grow up.

My mother always told me if you didn't have anything nice then don't say anything. I would like to add a few other things to your comment but I'm going to listen to my mother. Try to have a good day tomorrow, it's Christmas eve.

Go RV

P.S. thanks easy for all you do.

[TonyDownTheShore]

It's good to know, maybe it means they better get moving to have everything in place by the first, thanks for the post.

[few24u]

easyrider , your a fool, not a trader , just a guy trying to make a pile of sheit look like gold. Grow up.

Just another ass with a badge

[E A Poe]

Musky, you gotta smell to ya, boy It can't be easy, being Easy, so leave him alone..

Edited December 24, 2011 by E A Poe

[Biker]

Thanks for the post Easy, Good find my Brother, even thow things seem to be going to hell in a basket in Iraq. We can only hope for the best.

[bodeen]

Musky, you gotta smell to ya, boy.

PIG

Thanks Easy

[steveinfla]

easyrider , your a fool, not a trader , just a guy trying to make a pile of sheit look like gold. Grow up.

WOW Musky must really suck being you,,,,

Just remember this Musky Jesus may love you but the rest of us think you are an a**hole

[BradyBear]

Thank you "Easyrider", I for one have learned to watch for your comments with interest to help figure Truth from Gurru nonsense.