The Impact of Applying the IFRSs in Emerging Economies. Case Study on Iraqi Conventional Banks

The Impact of Applying the IFRSs in Emerging Economies. Case Study on Iraqi Conventional Banks

Number 8, August 2021  »  Financial accounting and reporting

Dhiaa Al Deen Alazzawi, PhD
Professor Ileana Nișulescu-Ashrafzadeh, PhD
Bucharest University of Economic Studies

Abstract: This research deals with the study of the impact of applying the IFRS in emerging economies, and while referring to the impact of applying the IFRS in Arab countries, the focus is on Iraqi banks, especially conventional banks. The importance of applying the IFRS in emerging economises is that it enables the banks to continue to provide their services to the public, to face future financial problems, and to keep abreast of internal and external developments. It also identifies constraints in order to use the IFRS data which helps Iraqi banks to make their decisions and financial investment plans.
The researchers obtained the data for this study through data analytics, which is based on data collected from the annual financial statements of 10 conventional banks. The conclusions of the study contain a set of results that conventional banks are seeking in regards to profitability without being bound by international standards, and also results that the customers are seeking in order to achieve benefits from the banks that apply the international standards (for example, the increase of the security of their deposits). The study concluded that the adoption of IFRS is necessary for banks, since this will help in attracting foreign investments to Iraqi banks.
Classification JEL: M41, G21 | Pages: 53-64

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