A seminar held on the importance of the adoption of international accounting standards to get the financial stability. This seminar was organized by the Iraqi private banks association and it was attended by the Governor of the Iraqi Central Bank. The private banks association in Iraq has shown that due to an increase in the number of joint stock companies, a number of international standards have been adopted. The existence of a number of insurance companies are being attached with international companies which following the international accounting standards.
The Executive Director of the Private Banks Association Ali Tariq said that after signing the agreement on the methods to take up, the responsible party should agree on the acceptance of standards plan, which also include the specified time period for take up process and specified time frame for the change over period between international and domestic standards. He also stressed the importance of the plan which includes an extensive training program for all accountants and auditors, and for the restoration of new work standards. The president of the Chartered Accountants Society Adel Hassoun said that when we talk about legal terms, we will find that this matter have been resolved 20 years ago with several reasons. The Director of Iraqi Stock Exchange Taha Ahmed Abdul Salam said that we should start late because it is much better than not starting it and taking this decision has been considered as bold step.