International Financial Reporting Standards and Their Impact on Disclosure / an Exploratory Study

Abstract

Introduction: This research studies the relationship between 41 international standards for the preparation of financial reports and the disclosure of financial and accounting data and information, where the standards were divided into 5 dimensions and disclosure into 6 dimensions. The time period for the study is between 2016, which is the beginning of the application of international standards in Iraqi banks, until the year 2022.   Objective: The study concluded that there is a partial application of the standards. The method of applying international standards in Iraq reached its goal, which is to enable Iraqi institutions to compete at the international level.   Methods: The study used the descriptive analytical approach. 111 questionnaires were analyzed Result: There is also a correlation and influence relationship between the dimensions of the standards and the dimensions of disclosure.   Disscusion: The highest correlation coefficient appeared with the disclosure dimension in the report of the Chairman of the Board of Directors, and the lowest disclosure was related to the report of the external auditor.   Conclusion: The study recommended the need to communicate with foreign and international companies and benefit from their experience in applying these standards when carrying out disclosure operations in accordance with international financial reporting standards, and the need to enter into global competition and restore confidence in Iraqi banks through commitment to application international standards to ensure that.