INTERNATIONAL ACCOUNTING STANDARDS AND THEIR ROLE IN ENHANCING THE QUALITY OF INTEGRATED REPORTING FOR IRAQI COMMERCIAL BANKS(A SURVEY STUDY AT THE GULF COMMERCIAL BANK OF IRAQ)​

The research paper goes into details analyzing the position of International Financial Reporting Standards (IAS/IFRS) and their usage to improve the quality of integrated reporting of Iraqi commercial banks. The paper has started by explaining the significance of implementing the said standards in standardising the accounting processes and in preparing financial statements based on the approved global frameworks and standards, which helps in increasing the extent of transparency and dependability of the financial reports submitted by banks.

The research suggests that international accounting standards adoption in Iraq came as a reaction to various issues, which included lack of transparency and poor disclosure practice in the banking sector before the year 2003 when there existed clear gaps in the quality of financial statements that were offered. As the adoption of these standards has increased, data and disclosures have become more quality which helps to present more accurate and reliable reports to the different users of financial reports, such as investors, auditors, and other stakeholders.

The research paper dwelt on the International Financial Reporting Standard (IAS) 1 which is one of the most significant financial reporting standards that encourages relevance, consistency, fair representation and comparability. This improves the quality of financial reporting of the banks in Iraq and more accurately reports the reality of financial performance. Another standard that was mentioned in the study is that of financial instruments under the standard IFRS9, and the complications surrounding the application of this standard by the Iraqi banks, as it is not only cumbersome but also requires the fair value assessment of the financial assets, which directly influence the equity and financial statements.

By conducting surveys and data analysis using a sample of Iraqi banks, the study found out that such a process of implementing the standards has the following barriers, lack of technical capacity and human resources, high implementation cost, and that there must be support by the regulatory and governmental bodies to go through these barriers. Nonetheless, the reasons behind the adoption of the standards are widely recognized to include enhancing disclosure and transparency and assist in establishing a robust financial image of banks within and outside of the Iraq market.