|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Iraq’s commitment to a single set of global accounting standards is evident from Iraqi Company Law (Number 21, year 1997, phase 133), which requires all companies to apply IFRS Standards.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
The IUAA furthers adoption and implementation of IFRS Standards through supporting education and training on those standards. This is primarily achieved through the IUAA’s adoption and operation of the International Financial Reporting Standards Expert (IFRSE) training and certification programme. The IFRSE training is a 11 day (66 hours) course designed for Certified Accountants, financial managers, and expert accountants who are interested in becoming up to date with the application of IFRS Standards and/or attaining IFRSE certification. The course is designed to ensure that all attendees receive practical guidance in applying IFRS Standards.
The IUAA has also adopted an Action Plan to implement IFAC Statement of Member Obligation 7 (SMO 7): International Financial Reporting Standards (IFRSs). See https://www.ifac.org/publications-resources/statements-membership-obligations-smos-1-7-revised
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
Yes. Full IFRS Standards must be used by companies whose securities are publicly traded and also by:
- private banks;
- private shared companies; and
- consultancy companies.
Other companies whose securities are not publicly traded must use either full IFRS Standards or the IFRS for SMEs Standard.