The Impact of IFRS Changes on the Iraqi Environment: Case Study
Keywords:
International Financial Reporting Standards (IFRS), Iraqi Business Climate, Updates to IFRSAbstract
The International Accounting Standards Board (IASB) has prioritized the evaluation of standards and the issuance of amendments and clarifications to eliminate any ambiguity present in certain paragraphs of the International Financial Reporting Standards (IFRS) it has issued. Therefore, the objective of this study was to provide insight into the most recent advancements in accounting literature. The International Financial Reporting Standards (IFRS) have had a significant impact on the Iraqi business environment. These standards have influenced the quality of accounting information provided by companies that adhere to them. This, in turn, affects the efficiency of investment decisions made in the local market and helps attract both domestic and foreign capital. The statistical research revealed a notable impact of IFRS revisions on the Iraqi environment, namely on the quality of accounting information and the effectiveness of decision-making. Companies in Iraq are required by the Accounting and Regulatory Standards Board and the Central Bank of Iraq to adhere to International Financial Reporting Standards (IFRS) and stay updated on any modifications to these standards.
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