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 study examines in-depth the role of International Financial Reporting Standards (IAS/IFRS) and their applications in enhancing the quality of integrated reporting for Iraqi commercial banks. The study began by discussing the importance of adopting these standards in unifying accounting procedures and preparing financial reports according to recognized international frameworks and standards, which contributes to raising the level of transparency and reliability of financial information provided by banks.

The study indicated that the implementation of international accounting standards in Iraq was a response to several challenges, such as a lack of transparency and weak disclosure in the banking sector prior to 2003, where there were clear deficiencies in the quality of financial statements provided. With the increasing implementation of these standards, the quality of data and disclosures has improved, helping to provide more accurate and reliable reports to various users of financial reports, including investors, auditors, and other stakeholders.

The study focused on International Financial Reporting Standard (IAS) 1, one of the most important financial reporting standards, which promotes relevance, consistency, fair representation, and comparability. This enhances the quality of financial reports for Iraqi banks and more accurately reflects the reality of financial performance. The study also discussed the IFRS9 standard for financial instruments and highlighted the challenges facing Iraqi banks in implementing this standard, given its complexity and the fair value requirements for evaluating financial assets, which directly impact equity and financial statements.

Through surveys and data analysis from a sample of Iraqi banks, the study revealed that implementing these standards faces obstacles such as a lack of technical capacity and human resources, high implementation costs, and the need for support from regulatory and governmental bodies to overcome these obstacles. However, there is widespread appreciation for the motivations for adopting these standards, such as improving disclosure and transparency and helping build a strong financial reputation for banks inside and outside the Iraqi market.