Importance This article deals with the issues related to Iraqi accounting rules, which do not include an equivalent of Russian PBU 6/01 Accounting for Fixed Assets, and IAS 16 Property, Plant and Equipment, containing instead just several procedures for organizing the accounting of fixed assets established in the Uniform Accounting System, the Federal Accounting Law of the Republic of Iraq. Objectives The article aims to substantiate proposals for the harmonization of Iraqi accounting for fixed assets providing a draft national standard for discussion. Methods We have analyzed the information contained in the regulatory documents (IAS 16, PBU 6/01, Uniform Accounting System of the Republic of Iraq), with a view to comparing the proposed options for accounting for fixed assets, compiling positives and identifying ways of reforming Iraq's accounting for fixed assets. Results The article demonstrates the need for a national standard for accounting for fixed assets to harmonize the accounting system in Iraq. In order to harmonize Iraqi accounting of fixed assets, we recommend that the draft standard Property, Plant and Equipment (Fixed Assets) presented in the article be used as a new national standard for the Republic of Iraq. Conclusions and Relevance The proposed draft is close enough to the international accounting practice. However, it focuses on the real possibility of its practical application in the Republic of Iraq.
Ключевые слова: fixed assets, reforming, accounting system regulation
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