Статья “Accounting development in Iraq in terms of IFRS”

The reform of the accounting system in the Republic of Iraq in the context of international harmonization of requirements to information disclosed in the financial statements prepared under IFRS, involves the timely identification and characterization of national accounting features with a detailed analysis of the historical background and stages of its origin and development. Unfortunately, it is not possible to introduce international financial reporting standards for use by decision of the relevant regulator in Iraq. This is due to the presence of serious specific features inherent in the Islamic accounting model in general, and the Iraq accounting model in particular. To solve this problem, in our opinion it is advisable to identify the stages of development of national accounting and to characterize the peculiarities of the political and economic situation inherent in each of them.