• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Shira. W. Lu
    • Abstracting/ Indexing:  Crossref, Electronic Journals Library , EBSCO
    • E-mail: ijtef.editorial.office@gmail.com
HOME > Archive > 2014 > Volume 5 Number 6 (Dec. 2014) >
IJTEF 2014 Vol.5(6): 541-550 ISSN: 2010-023X
DOI: 10.7763/IJTEF.2014.V5.430

Should Iraq Adopt IFRSs?

Mohammad Abud-Allah Ibrahim, Patricia Stanton, and Marcus Rodrigs

Abstract—Over the two past decades, the rapid integration of capital markets underlined the necessity for developing a single set of high quality international accounting standards. The growing acceptance of international accounting standards has given power for International Accounting Standards Board (IASB) to work and develop this project. Iraq is a country where its accounting practices have been influenced by different philosophies from outside and inside Iraq during its modern history. After the fall of Saddam Hussain international institutions have begun to play an important role in reshaping Iraq’s economy including its accounting for oil. This paper investigates the challenges and opportunities for Iraq in transitioning from its national Unified Accounting System (UAS) to International Financial Reporting Standards (IFRSs). The investigation used a qualitative research approach including two research methods. For archival resources to the accounting system and the pressure to change, content analysis was used. To ascertain the views of persons of significant importance, In-depth semi-structured interviews were conducted with academics, managers, consultants, CFO, CAO, and accounting professionals in Iraq based on the New Institutional Theory (Isomorphism) was used to analyze the interview transcripts. The results revealed that the current situation in Iraq is an example of institutional isomorphism, specifically coercive isomorphism by the World Bank and IMF; mimetic isomorphism by the IOCs and normative isomorphism by the Big 4 accounting firms. Further, this study highlights the need for further research into the impact of adopting IFRSs in developing and emerging countries, particularly those in the Middle East.

Index Terms—IFRS, institutional theory, accounting system, world bank, IMF, Big 4 accounting firms.

Mohammad Abud-Allah Ibrahim is with University of Baghdad and currently is with Newcastle Business School, Faculty of Business & Law, The University of Newcastle Australia (e-mail: mohammed.ibrahim@uon.edu.au).
Patricia Stanton and Marcus Rodrigs are with Newcastle Business School, Faculty of Business & Law, The University of Newcastle Australia (e-mail: Patricia.Stanton@newcastle.edu.au, Marcus.Rodrigs@newcastle.edu.au).

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Cite: Mohammad Abud-Allah Ibrahim, Patricia Stanton, and Marcus Rodrigs, "Should Iraq Adopt IFRSs?," International Journal of Trade, Economics and Finance vol.5, no.6, pp. 541-550, 2014.

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