Has Iraq adopted the application of International Financial Reporting Standards (IFRS)? A Legal Approach

Abstract

This study tests the extent to which Iraq has adopted international financial reporting standards and its closeness or distance from the local (national) accounting standards represented by the accounting rules issued by the Iraqi Accounting and Supervisory Standards Board in addition to the unified accounting system by reviewing and examining the separating or overlapping borders between these two types of Standards through laws related to accounting standards used in Iraq as the legitimacy that allows the use of international financial reporting standards or local accounting standards. As an appropriate scientific method to reach the objectives of this research, the study used descriptive, analytical, and comparative approaches to examine and indicate the extent to which international or local accounting standards were adopted or used. The study found that the use of international financial reporting standards in Iraq has actually been achieved in a way that does not leave any doubt or ambiguity, but on a limited level because of the overlap between the authorities concerned with legislating the use of international accounting standards, or because some of these agencies evaded or avoided their responsibility in legislating and following up the use of these standards.