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Financial reporting framework in Iraq

Listed companies

The Iraqi Company Law (Number 21, 1997, amended in 2004) requires all companies to apply IFRS and states:

Article 133

[...] Accounts should be consolidated with those of related companies in accordance with international accounting standards unless specifically modified by standards in force in Iraq.

The Iraq Interim Law on Securities Markets (adopted 18 April 2004) requires IFRSs for all companies listed on the Iraq Stock Exchange as follows:

Section 3

Transactions on the Exchange


6) A Company with a class of securities admitted to trading on the Exchange pursuant to Section 3(5) shall be required to comply with the following requirements in order for such securities to continue to be admitted to trading from the opening of the Exchange onward.


c) Commencing with the annual report for the Company's 2004 fiscal year, the financial statements shall be presented on a comparative basis with financial statements for the preceding fiscal year pursuant to the following guidelines

i) The financial statements included in the annual report shall be audited in accordance with international auditing standards by an independent auditor duly licensed in Iraq and shall be presented in accordance with international accounting standards to the extent permissible under the standards in force in Iraq.

Click for access to the laws on the Iraq Stock Exchange website:

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