************** Central Bank confirms his quest for the application of international accounting standards and warns not to apply

Author: ASJ, RS
Editor: AB, RS
16/05/2015 17:23



Long-Presse / Baghdad

The Central Bank of Iraq, on Saturday, his quest for the application of international accounting standards for integration with the global economy and the application of international requirements, and warned of the damage caused by the non-application of these standards on banks, as called for taking a number of measures for the success of the application of accounting standards, Chartered Accountants Association drew to international standards that exceeded the standard with 42 Iraqi standards did not exceed the 14 accounting standard.

The governor of the Central Bank on the Keywords in a speech during the seminar the application of international accounting standards were held in Baghdad and attended (range Press), that "given the importance of the banking sector great role in the development of the economy and the process of growth and addressing the imbalance of inflation and unemployment, has taken the initiative of the Iraqi state after the change and the coalition authority to the laws governing the issuance of this sector through the issuance of the Iraqi Central Bank Law No. 56 of 2004 and the Banking Law No. 94 of 2004 and the Anti-Money Laundering Act No. 93 of 2004 ".

He pointed Keywords, that "these laws are confirmed in their implications on the application of international accounting standards, for the purpose of integration with the global economy and the application of international requirements imposed by the organizations and institutions that govern the banking and economic action in the world Kalsndouk and the World Bank and others," noting that "Iraq possesses of configurations and bodies and what organizations it one of the developed countries and in support of the growth and stability of the financial sector, which must be linked to global accounting standards. "

And between Keywords, that "more crises that occur in the world be linked to global accounting standards", pointing out that "international organizations identify these gaps, risks and find the proper channels to address them."

He added Keywords, that "there is an ongoing effort by the central bank for the application of these standards by the trend towards request financial data from banks, so the banking sector in Iraq and by virtue of his youth and the challenges facing it today need a high degree of financial disclosure and transparency and which reflected on the all the financial aspects of its work. "

The Keywords, that "there are a number of remote banks from the application of this global accounting standards," warning of "the risks and damage caused by the non-application of accounting standards, which is reflected in the work of these banks and the banking sector as a whole, so it has to be cooperation and concerted efforts to reach a good threshold of these criteria. "

He pointed Keywords, a number of proposals to the success of the application of international accounting standards the most important "work with the Council of career control accounts and the accounting standards and audit and others to accelerate the development of local accounting standards and make it on a par with international standards," noting the need to "set up workshops in cooperation with the relevant authorities in the training of Iraqi Chartered Accountants and auditors to get out a unified model is similar lines to the financial statements. "

Keywords emphasized, the need to "generalize the banks by requiring a certificate proving the existence of passing a course in the preparation of financial statements in accordance with international accounting standards within the terms of appointment of the Director of the bank accounts, and the introduction of international accounting standards in universities and technical institutes, primary and graduate studies curriculum."

He pointed Keywords, to the importance of "the unification of opinion with the government and private banks in setting a date for the application of these standards as soon as possible, and to allow foreign companies to control the accounts and audit Login to work in the Iraqi environment through Iraqi partners and the preparation of legal formula for this purpose."

For his part, President of the Society of Chartered Accountants Adel Hassoun, in a speech during the symposium, that "study the issue from a legal point shows that this issue should have been resolved 20 years ago for several reasons, including that the system used in 1982 put a specific system within certain hypotheses of banking activity, and relied on central planning concepts in relation to national accounts and statements, "pointing out that" Gauger issued in Iraq since the user's application of the system is only 14 standard while 42 exceeded the international standards in addition to the 36 standard explanation. "

Hassoun pointed out, that "international standards has exceeded four thousand page and become large and complex," stressing that "there is a big problem and there is no action closer to Iraq with him completely different global ocean."

He said Hassoun, that "banks in Iraq has relationships with 80 to 90 banks correspondent, and the language of understanding with correspondent banks are through the final accounts showing the financial position of the Bank and its activities," noting that "standards of measurement and disclosure standards is a common language and its international character."

It includes international standards of accounting and financial data, inventory and financial flow and accounting policies, changes in accounting estimates Offers and errors and construction contracts and income taxes and others.

http://www.almadapress.com/ar/news/48584/البنك-المركزي-يؤكد-سعيه-لتطبيق-المع

CBI calls for the application of international accounting standards

Saturday 16 May 2015
| 15:48



The CBI called on the Iraqi banks to the need to apply international accounting standards, while a number of specialists criticized the delay in its application.

The governor of the Central Bank on the Keywords, in a word, Cast during the seminar the application of international accounting standards, which was attended by a reporter "Qurtas News", "The opening up of Iraq on the global market and the evolution of his banking, especially after 2003, after the issuance of the Iraqi Central Bank Law No. 56 of 2004 and Law Banks No. 94 of 2004 and the Law on Combating Money Laundering No. 93 of 2004 which confirmed these laws in its implications on the application of international accounting standards ", for harmony and understanding and work smoothly and transparent with organizations and institutions that govern the banking and economic action in the world as a fund and the World Bank."

Keywords and stressed that "there is an ongoing effort by the central bank for the application of these standards by the trend towards request financial data from banks, so the banking sector in Iraq and by virtue of his youth and the challenges faced by it today need a high degree of financial disclosure and transparency and which are reflected on all Financial aspects of its work. "

Keywords and stressed that "there are a number of banks far from the application of global accounting standards that will cause her harm and risks in their work and reflected on the banking sector as a whole so has to be cooperation and synergy to reach the threshold of these good standards."

On the other hand criticize a member of Society of Chartered Accountants farmer Khalil in an interview for "Ply News", "Iraq was absent from the application of these standards 30 years ago that caused him to disrupt the development of the banking business, which should have been through the integration and reconciliation with international banks, indicating that "global banks require a financial and transparent disclosure for banks and financial institutions even in the absence of these processes, the development bank will face the kind of work difficult."

Khelil pointed out that "surprised by the non-application of these criteria, especially since the State House of Representatives and even the central bank calling for transparency and integrity of financial flour and work especially with Iraqi banks, whether governmental or private, asking," How do we address the banks a language other than the language adopted by? Measurement standards and disclosure standards is a common language and its international character. "


http://www.alqurtasnews.com/news/101646/البنك-المركزي-العراقي-يدعو-إلى-تطبيق-معا/ar