Contabilidade e regras contábeis no Iraque

Accounting Rules

Tax Year

The fiscal year begins on January 1st and ends on December 31 of the same year.

Accounting Standards

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

Iraqi General Commission for Taxes

Accounting Reports

Balance sheet and profit and loss account.

Publication Requirements

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

Iraqi Union of Accountants and Auditors

Certification and Auditing

You can contact an external auditor, like Deloitte, KPMG and PwC.

Accounting News