Iraqi Union of Accountants and Auditors Adopts International Standards, Faces Challenges

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Progress Made Despite Challenges

The Iraqi Union of Accountants and Auditors (IUAA) has made significant progress in adopting international standards for accounting and auditing practices. According to a report by the International Federation of Accountants (IFAC), IUAA has been actively promoting the adoption of international standards.

Adopted Standards

• SMO 3: International Standards on Auditing
• SMO 4: Code of Ethics for Professional Accountants
• SMO 5: International Public Sector Accounting Standards
• SMO 6: Investigation and Discipline
• SMO 7: International Financial Reporting Standards

Challenges in Implementation

Despite progress, IUAA faces challenges in implementing certain standards. For example:

• Many Iraqi companies apply national accounting standards, but there is no requirement for them to adopt IFRS Standards.
• IUAA encounters difficulties in promoting public awareness of its investigation and discipline system.

Efforts to Promote International Standards

To address these challenges, IFAC encourages IUAA to continue its efforts to promote international standards and improve its investigation and discipline system. The organization is also urged to engage with regulators and stakeholders to promote the adoption and implementation of IFRS Standards in Iraq.

Recommendations

• Continue promoting international standards
• Improve investigation and discipline system
• Engage with regulators and stakeholders to promote IFRS Standards in Iraq

Conclusion

While there are still challenges ahead, IUAA’s efforts to adopt international standards demonstrate its commitment to promoting high-quality accounting and auditing practices in Iraq.