CBI calls for the application of international accounting standards

CBI calls for the application of international accounting standards

Saturday 16 May 2015

CBI calls for the application of international accounting standardsThe 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. ”