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Union of Arab Banks concludes the cycle of application of the International Financial Reporting Standard
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On Wednesday, the Union of Arab Banks concluded a training course organized by the Association of Iraqi Private Banks on the application of the International Financial Reporting Standard.
IFRS 9 is effective from financial periods beginning on or after 2018.
The financial adviser to the Association of Iraqi Private Banks, Samir Nasri, during the closing ceremony of the session, which was attended by "Economy News", "This session aims to teach the application of IFRSs, the standards are modern and necessary to apply in accordance with international accounting standards," stressing the need to apply from Before banks and all concerned departments.
He added that "our banks have moved since 2016 to the application of international accounting standards, means that the preparation of budgets and the results of business has been prepared in modern ways."
Nusairi stressed that the importance of this session "comes from their harmony with the aspirations of the Central Bank of Iraq and the Association of Iraqi private banks in keeping up with modern technologies."
The course aims to provide participants with the skills related to accounting requirements for financial instruments, as well as measuring impairment losses or impairment of assets and financial instruments.
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