Accounting and accounting rules in Iraq
Accounting Rules
- Tax Year
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The fiscal year begins on January 1st and ends on December 31 of the same year.
- Accounting Standards
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The Iraqi Company Law No. 21 of 1997 establishes financial reporting requirements in Iraq. According to the Law, all companies must apply IFRS or IFRS for Small and Medium-sized Enterprises. Full IFRS are required to be used by companies whose securities are publicly traded, private banks, private shared companies; and consultancy companies.
The Iraq Interim Law on Securities Markets (adopted 18 April 2004) requires IFRSs for all companies listed on the Iraq Stock Exchange.
- Accounting Regulation Bodies
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Iraqi General Commission for Taxes
- Accounting Reports
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Balance sheet and profit and loss account.
- Publication Requirements
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Registered entities must prepare annual financial statements, with IQD as the accounting currency, in accordance with the Iraqi Uniform Accounting System, and in Arabic.
- Professional Accountancy Bodies
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Iraqi Union of Accountants and Auditors
- Certification and Auditing
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You can contact an external auditor, like Deloitte, KPMG and PwC.
- Accounting News
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Latest Update: April 2024