Compatibility between the requirements of the Iraqi accounting rule (10) for disclosing financial information with accounting disclosure requirements in Iraqi commercial banks

Abstract

The activities of banks differ from those of other commercial establishments, and this leads to a difference in accounting and disclosure requirements in financial reports The Accounting Standards Committee did not ignore this difference, and issued a standard specific to banks, namely Standard (6) for disclosing the financial statements of banks and similar financial institutions, which sets additional requirements than those contained in the accounting standard International (1), Standard (6) addresses this and encourages the presentation of notes and clarifications related to some matters such as liquidity and risk management and their control in financial statements. In turn, the Iraqi accounting legislator did not neglect the necessity of establishing a local standard that mimics the international standard (30). The Accounting and Supervisory Standards Council in the Republic of Iraq, in its session held on 10/28/1998, approved Accounting Rule (10) regarding the disclosure of the financial statements of banks and similar financial establishments, and this rule was applied on 12/31/1999.
Since the application of this rule came into effect, private banks have been obligated to this accounting rule, and from here came the idea of choosing the current research to shed light on this important rule, the importance of which derives from the importance of the banking sector subject to this rule, and the extent to which the current disclosure requirements in private Iraqi banks are compatible or harmonized with the requirements of the Iraqi accounting rule (10).