- Title
- The challenges and opportunities of Iraq transitioning to international accounting standards with particular emphasis on accounting for oil
- Creator
- Ibrahim, Mohammed Abud-Allah
- Relation
- University of Newcastle Research Higher Degree Thesis
- Resource Type
- thesis
- Date
- 2014
- Description
- Research Doctorate - Doctor of Philosophy (PhD)
- Description
- This thesis investigates the challenges and opportunities for Iraq in transitioning from its national Unified Accounting System (UAS) to International Financial Reporting Standards (IFRSs). Given the importance of oil to the Iraqi economy, the project uses the oil industry as its focus. The investigation used two research methods. For archival resources to the accounting system and the pressure to change, content analysis was used. To ascertain the views of persons of significant importance, interviews were conducted with academics, managers, consultants, CFO, CAO, and professional. A qualitative phenomenological research approach based on the New Institutional Theory (Isomorphism) was used to analyse the 30 interview transcripts. The results revealed that the current situation in Iraq is an example of institutional isomorphism, specifically coercive isomorphism by the World Bank and IMF; mimetic isomorphism by the IOCs and normative isomorphism by the Big 4 accounting firms. They use terms like ‘transparency’ and ‘disclosure’ to force change particularly in oil and gas sector to adopt the IFRSs in Iraq. International financial reporting standards do not necessarily reflect the “best” accounting methods as exemplified by IFRS 6 which gives great freedom in the choice of accounting treatments that makes financial comparisons and evaluation in this industry more difficult and complex. The choice of accounting treatments in IFRS 6 may not be applicable as best method practices given the political influence of the big petroleum companies. This study highlights the need for further research into the impact of adopting IFRSs in developing and emerging countries, particularly those in the Middle East. Previous studies highlighted the “Islamic Culture” as the main obstacle for adopting IFRSs. This study highlights other issues, which are relevant not only to Iraq but also other Middle Eastern countries and members of the Arab league such as Iran, Saudi Arabiya, Libya, Egypt, Syria, Kuwait, Algeria and Oman. The factors that have shaped international accounting standards do not reflect the factors found in these countries.
- Subject
- accounting system; LASs; IFRSs; institutional theory; isomorphism; extractive industries; Iraq
- Identifier
- http://hdl.handle.net/1959.13/1055865
- Identifier
- uon:15951
- Rights
- Copyright 2014 Mohammed Abud-Allah Ibrahim
- Language
- eng
- Full Text
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