Accounting Disclosure in the Financial Reports of Iraqi Joint Stock Companies in Accordance with the International Accounting Standard (IAS1): An Analytical Study

Abstract

       International accounting standards (IASC) have become an indispensable reference guide for professionals in most countries of the world,the importance of these standards come from being characterized by the requirements of the presentation and disclosure, which should be adhered to in its current form. Working with these standards leads to the provision of appropriate and reliable information that serves the decisions of the beneficiaries.

     The aim of the research is to demonstrate the importance of reports prepared in accordance with International Standard No. 1 to provide reliable information in decision making at the internal and external levels of the Company,a nd to examine the extent to which Iraqi companies meet the disclosure requirements according to this standardand.

      To achieve this objective, the level of accounting disclosure in the Company's financial reports (the research sample) was analyzed in light of the presentation and disclosure requirements set forth in this Standard.             The study reached a number of conclusions, the most important of which is that the application of international accounting standards in the preparation of financial reports makes them more credible and provides reliable accounting information that helps users in different categories to rationalize their economic decisions.

      The study presented a set of recommendations, including the need for companies to comply with the disclosure requirements of the International Accounting Standards in the preparation of financial reports because they lead to increased confidence in accounting information and is an important tool to improve accounting disclosure.