Impact of adopting international financial reporting standards: Evidence from Iraq

The research aimed to comprehensively understand the effects of international accounting standards on preparing financial reports, particularly from the perspective of user needs and interests. To this end, using a relational scanning model, the IFRS Survey was administered to managers of 38 randomly sampled companies operating in Iraq. The findings indicate that IFRS compliance has increased companies' probability of securing credit by 56.6% and enhanced resource acquisition by 54%. Furthermore, various IFRS survey factors were observed to have moderate to low positive correlations, underscoring the significance of continuity in harmonization processes due to correlations among IFRS practices. Based on these observations, it has been determined that such practices are necessary for companies. Policymakers, auditors, practitioners, and all stakeholders believe that the widespread implementation of IFRS practices is critical in the context of globalized markets.