Application Possibility of Fair Value Accounting According to Financial Reporting International Standard IFRS No. 9 in Measuring Financial Assets and Liabilities in Private Banks – The Private Sector in the Iraqi Environment

Fedaa Abd Almajid Sabbar Alaraji, Zaid YASEEN Saud Al-Dulaimi, Thamer Mahdi Muhamed Sabri and Alolaiwi Hayder Naji Shanbooj

Abstract:

The state of Iraq has adopted and applied IFRS standard no. 9 based on fair value measurements to meet the changes in the economic and professional environment. However, it has faced various challenges in the implementation due to lack of awareness and information regarding the importance of adopting and applying this standard in terms of its contribution to the development and improvement of the quality of financial information published and disclosed. The application in the present study aims to highlight the importance of fair value accounting in accordance with standard no. 9 in private banks in Iraq and to underline the most important challenges and obstacles facing the application process. The subject of the study was addressed in both theoretical and practical aspects through a questionnaire on the study sample. The study reached several conclusions, the most important of which is the absence of awareness of the importance of applying fair value accounting in accordance with the IFRS standard no. 9 in private banks in Iraq for their important role in developing and improving the quality of the information produced and disclosed.