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CBI ANNOUNCEMENT To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards) 01/07/2016

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emmaduke


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To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards)
01/07/2016

(THIS IS A TRANSLATION BASED UPON EXTRACTED TEXT.. IT IS NOT 100%)

This guide Hink whore my best for the people
Since the banks No. 4 9 Law of 4 0. »And the law of the central brown or No. 4 for the year,. «
And securities law trivial number (4 »for the year 4 0 0 forestall not explicitly on the necessity of Tthaq standards
International Accounting in the preparation and presentation Almalhh menus, and the Council for the management of the central Iraqi thy issued
The hearing decision is not numbered E. 9 4 9) in the No 1 layer »7 0,» Behold, the annual financial statements of domestic banks counter
And in accordance with International Financial Reporting Standards. Therefore, the banks and financial institutions bound by those rainy Atthaq
And without delay. As well. About it, that the activity of an international banking activity, and that the banks ask Alnranilh
Final financial statements Iraqi banks prepared in accordance with International Standards on disclosure.
Forgetting what has Aqzhm T-formation of two committees to study the transition to international accounting standards and held
Several meetings and submitted its recommendations Ahma chest
Several meetings and submitted its recommendations Ahma connection 0
Based on the estimated decide tuberculosis Aajraat transition from the accounting system to the Institute Almakhadd
International and also softens
Of
6.
Amos 0 Lq
For banks (and companies Altamhn) Avisentha Aljulmflhaa shift Aanharo of 5 A, are
Given the end of the financial year 5A 0.2 Qadhir and move immediately to Molhr State so on Almsalrv
The companies Allen 0 Their Mother preparation of the final accounts for the year of 5 0 No Hsjmuathn, one of them in accordance with the accounting system
Unified as Gary tuberculosis Les unchanged, the second group in accordance with International Standards on Disclosure Tinltnla
Lydon said Nick include the Group's deposit-ray, Hnsny to clear all the requirements of the transition to the style of disclosure
And inventory variables for the next step of closing Haaadad lounges for a 6. «According to criteria
International disclose fully and Mlzo, and with the deposit-ray to the auditor in question.
In order to facilitate the requirements of metamorphism, enclose evidence of harm accounts tell the Iraqi central bank guided
LES by him _khasoso banks, as the central Hinll had adopted international standards fled atheism
Final Al_husahadabj since 5002 and put hee special accounts in 9 guide. , «P
Training and dissemination of knowledge
Central Alhzs show the Iraqi Board of Supreme Audit and Sls control and auditing profession links
Iraqi and Ganaah 0 of Certified Public Accountants ready to raid Haa transformation requires estimates of
Advice and experience and also softens
Not will be assigned a number of lecturers to prepare courses CFOs banks «God supervision
Central Office of Financial Supervision to lecturing at the Centre for Banking Studies at the Bank
Mashsdr according to the Iraqi Central Bank of directives.
Dis Council will organize a career monitoring and auditing of the Iraqi Society of Certified Public Accountants courses
To auditors. 0
A certificate obtained by the Observer after passing of these courses mandatory Almttalhat
For the position of director of the bank accounts or agree to his Atdeghiq bank accounts or Hrkt
Insurance and drawn from the financial institutions.
For this Alszd, we suggest that to be searched and counseling for better information systems for gods
Banks which amused Aolhh Tthaq Almhaier accounting and disclosure standards, both the development of existing systems
Or the adoption of new systems to Lima time banking activity Ikvaeh management needs 0
To take Maalzs ... with appreciation 0

ADDITIONAL TEXT ADDED LATER TODAY:



Committee amendments and additions to the uniform accounting system for banks and insurance companies
. a
Begina in committee.
A reference to it, managing a number of e e 8 0.3 1 aa not in a toward e 1 No 9 9 governors, »issued by the Central Bank of Iraq
And 8 287 in a 6 1 9 9 0 leaded »issued by the Ministry of Finance on form Bethlehem 0 Ithn, one to study the transition to standards
International accounting in preparing the financial statements and the second brochure amendments and additions to the required accounting system
Unified banks and insurance companies.
Committees met several meetings and hosted a number of experts, including legal Mahl- Mr. Adel Mohammed Hassoun /
President of the Iraqi Association of Certified Public Accountants and a soft head. Tdgahq to God in the central Iraqi legal and accountant
Mr. Taleb Ahvanla member of the Audit Committee in the Iraqi Central thy God.
It was study the issue and come up with what Lin
9 basis as valuable launches international standards ..
Hat that standardized accounting system for banks and companies acid released by the Sun has more »General did not Dk
Banks and private companies in a timely manner insurance. Namely, that the Banking Act No. 4 of 9 4. 0 and not the Central Bank Law
Or number of 0.0 and 0 is not trivial Securities Law No. 4 (what) for the year 4 0 0 not explicitly recounted a folding should be. Application
Amaabehr international accounting in the preparation and presentation of the Nativity for menus Vdz that the Council of the Iraqi Central Bank Management
Bzdh issued resolution numbered (a No 4 (in her layer 3 1 0 0 7 does not not prepare the annual mission, lists local banks according
International Financial Reporting Standards with a maximum of 3 2 1 Lee Tmah 0.0 L, so the banks and financial institutions binding Hthaq
Those crossings and without delay.
Those crossings and without delay.
The Las reconsider Mahasuha Alnouhd system of the bank and insurance companies no longer give, to the fact that the system has not held Ojz
Henk not private banks and that this system has been applied in wig 2 9 9 and did not change up to 5 9. N while I got
Magnify variables in Ntm information and established a new means of payment and Qgqrt crossings disclosure.
The banking activity in international activity and correspondent banks require financial Alhamat Final Iraqi Mdharv
Stomach and Qqo to Mgeijer disclosure Athh, which forced him private banks at the end of the year to prepare for Qmozjbn User
Finance (one of them in accordance with the uniform accounting system and the other in accordance with international standards (as well as that, there is no justification that Aaz
We remain isolated from the international Alahasuha bound and thought, Aatar while numerous local and changed Malr measurement
International disclosure and expanded to the economic prospects of Guetahh of the implications of successive economic crises in the turn of the century
St.
As Tashso on our Tqzm, the procedures to be her guardian work for the transition from the system to the accountant certainly Alassaahzo of
International is also softens
Spanish banks (and companies developing members) that can Altjul that's fine Ninhga encouraged.
Bam in view of the proximity of the financial year Ainhae {5 9. «Alananagal and stumbled immediately to state standards, the Committee to prepare Tgahrah
The final accounts of banks for a 5 year, not Bmtamoaneben, one of them in accordance with the uniform one-sixth as Gary
Work by the same second group in accordance with International Standards on Disclosure achieved without Nndmn second group show
Ravi and aim to hold a survey of all the requirements of the transition manner of disclosure and infinite variables Nhmso step
The next closing of Aazdad Albhanat banks for a 6. A and according to the international standards of disclosure and fully binding,
However Aada Ra (the auditor in question.
P generalize Alnatmd accounts of the killing of the Iraqi Central Bank to banks for guidance Yeh guide model, the Hat
The central bank had adopted international standards in the preparation of final accounts since 5. . Do not put accounts guide
Special hee in a 6 0 Lahr
The blood of the Central Bank of Iraq issued a binding decision to switch, according to the offer on the basis of his authority tomcat limited device
Banking and according to the law of God, the central Iraqi Ed No. 4 a year. E0
Presentation training and dissemination of 1 to Marafhn to extend a financial banks under the supervision of the Central Bank and the Office
The wiped s 0 for the preparation of the most important courses R. E .. 0
a . Q Ncaldv number of Zarethd. . AAA 0 of Iraq according to Mashsdr
Sim did not 0 AAA Lhasa. Banking Central Bank Collapse
Financial well-being of lecturing Collapse generating da center
A degradation of the directives. a . Behold, 0 God Iraqi legal courses for auditors.
. . Ah uncle scrutinizes accounts. 0 Society. 0 Hubble ways. .
Council's effort to regulate and control. No malice and that the father of data from a Mttkt mandatory for the position of Director
No . For Alihaa Aqubbaadajtaaza War, p.
And we get thrown certificate. Lamar Sada. Banks or insurance companies and Hrha of Establishments
Galleries and the bank. 0
the mission. To his father's own D. Wharf Ttunq standards that facilitate the process
. . Lab. 0 pf what the uncle. 0:00
S is the God of h and counseling the best systems do not Almallo 0 rat 's ass Blacksmith systems Lima time Adahat circuit activity
. Aa Zzmalhziha to extend .j At Bethlehem's 0
Over the Honey Tell me whether a Bitaiwir. And
Mahdbeh and standards, but as 0.
Touch in an efficient manner.
Traders have put the Iraqi Central Bank and the Financial Inspection Office and the Council of the profession of monitoring and auditing Society presentation
B
Mahesthn completed for legal support to prepare for this transition and to provide advice and requires stretching breach
And seal the record ..
a
Walid covenant era forbidding Shomran Ihsan Nuri al-Yasiri Salah Khalaf Mohammed Ibrahim Ryahr
Ivory mastermind mastermind of the year, Director General of the mastermind of the year
Central Bank of the Central Bank Board of Supreme Audit and the Ministry of the illness
Lmq lah 1 1.2 1 Lrh his No 1 Lrh 1.2 M 1.2 1 1.2 him
Azzam Badi Asaad Taha Ahmed era of peace Haifa Peter Roukatny solid Kazem Javed bear
Chartered Accountant Turned executive »mastermind in a chartered accountant
Ment securities market, the Central Bank of Iraq, the Iraqi Assembly

jeepguy

avatar
MEMBER
MEMBER
I will wait for shred too comment on this one , looks like they are or about to go international , and a bit of gold information that will some how be tied in with it I think ?

candidinar


MEMBER
MEMBER
jeepguy wrote:I will wait  for  shred  too  comment on this  one ,  looks like  they are  or about to go international ,  and  a  bit of gold information  that  will some how be tied in with it I think ?      

PRAYING jeepguy, thanks!!

Very Happy Very Happy cheers

emmaduke


MEMBER
MEMBER
My read on that is they are telling the banks to IMMEDIATELY switch over. Retroactive to the 1st of the year.

tlm724

avatar
ADMINISTRATOR
ADMINISTRATOR
Thanks emmaduke we have waited a long time for this electronic system!

"the transition from the uniform accounting system for banks and insurance companies to international standards"

"Committees met several meetings and hosted a number of experts, including legal Mahl- Mr. Adel Mohammed Hassoun /
President of the Iraqi Association of Certified Public Accountants and a soft head. Tdgahq to God in the central Iraqi legal and accountant
Mr. Taleb Ahvanla member of the Audit Committee in the Iraqi Central thy God.
It was study the issue and come up with what Lin
9 basis as valuable launches international standards .."

An FYI:Republic of Iraq
Union of Accountants and Auditors(IUAA)


About IUAA
Legal and Regulatory Framework
·       The financial reporting framework, including that for the regulated entities (banks, insurance companies, listed companies, etc).contains the forth main statements (financial position statement , profit & losses, the changes in the owner ship equity , and cash flow statement) beside other analytical statements & management report .
Regulation of the Accountancy Profession
·       IUAA law number 185 ,1969 is the main law which regulate the Accountancy Profession beside some association ( listed below ) and some regulations which issued from IUAA
·       IUAA is the body that regulate the Accountancy Profession .
Professional Accountancy Organizations
·       IUAA
·       International Association of Certified Public Accountants (IACPA)
·                        Association of Internal Auditors (AIA)
·                        Association of Cost and Managerial Accountants (ACMA)
·                        Association of Audit Offices
·                        Association of Organizer of Accounts Offices
·         Projects and other initiatives
·  
·     IUAA is responsible of Accountancy

Profession which mean :-
Profession: – all the work falls within the general accounting profession, including the teaching of science accounting and financial management and the maintenance of records for billing and verification and to develop computational systems.
Character of  union: – established under the provisions of the Act (185 of 1969), the Association of Accountants and Auditors her own personal moral right to dispose of money and immovable property within the limits of its purpose
For the purposes of: -
1. Raise the professional and social level members and defend their rights and facilitate their work and ensure their future in old age, sickness, disability and unemployment. 2. Contribute to the economic boom and planned in cooperation with the competent authorities.
3. Organization of the rules of practice of the profession.

4-Cooperation with trade unions and professional associations and other bodies inside and outside Iraq in order to achieve common goals.

5. Foresaw the creation of scientific associations linked to the syndicate is working to revitalize science and topics that fall within the framework of the profession.

Vision: -
Building a trade union leader to be one of the windows of the accounting knowledge and contemporary audit overlooks from which union members and institutions of Iraq on contemporary developments and changes in the accounting profession and auditing environment on a global scale.

Our mission: -
 Permanent quest to develop the level of performance of the members of the union and the preparation of financial staffs, accounting and audit and administrative eligible to support the overall development and sustainability in Iraq.

Our Strategy: -
- The quality of the accounting work and checksum according to international standards.
- Combating financial and administrative corruption.

- Upgrading and differentiation in performance and adherence to the principles and professional ethics.

Goals: -
- Energizing and activating the role of a member of the union as the basic foundation that seeks the union of excellence.
His performance, especially as it represents the most important pillars to deal with contemporary challenges
- Permanent quest for change down to the better through the application of standards
in international accounting, auditing, cost and administrative and evaluation to ensure the quality of professional performance.


Our motto: -
Do not interrupt …………… not compete …… .. Yes integration and cooperation

Our Values: -
Integrity credibility _ _ _ transparency, commitment to quality and innovation _ development

Our means: -
A – our range: – an integrated product team and distinguished performance in working as a team aspiring to permanent development as part of the union in the center and its branches.
B – our training: – Training of Members on the application of international standards in accounting, auditing, cost and administrative and evaluation criteria in accordance with the requirements of the International Federation of Accountants and the United Nations for the development of accountants and according to international standards for training.
C – Our consultations: – an advisory office in the union is the house of the experience and knowledge of accounting and auditing to provide consulting
and economic feasibility studies to the public sector units, private sector and in accordance with international standards.
(D) Knowledge: – Issue magazine accountant to be a window on the latest developments in accounting knowledge through research and studies

https://www.iuoaa.com/en/?page_id=6

_________________


Consultancy Office
Consultancy Office (CO)
Advisory Office scientific institution national professional in the center of the union in Baghdad, working in the areas of training and feasibility studies and the numbers and the information management consulting systems and chose the principle of excellence and quality in the provision of activities to national institutions and companies in the public and private sectors as well as to institutions and business organizations and Arab companies in and outside Iraq
Our vision :-
Building a scientific institution be one of the leading professional windows administrative, financial and regulatory knowledge of contemporary overlooking through state institutions on contemporary developments and changes in the business environment at the global level.
Our mission n: -
Permanent seeking to enhance the performance of human resources and the level of preparation of the financial staffs, accounting, audit and administrative eligible to support the overall development and sustainability in Iraq.
Our strategy :-
1.      Do our best to provide the services requested by the beneficiary’s level of efficiency they expect, at a minimum, and at a reasonable cost2.    Take into account when making our services the following matters:
(A) Services that are compatible with those needs and be meaningful to him.
(B) That the service is performed in accordance with the assets that are governed by professional, including        independence, objectivity and impartiality.
(C) The level of service that exceeds customer expectations efficient as possible.
(D)  That of not less than the value of the service fees for them.
(E) To provide service in a timely manner.
And – that the service is in accordance with the laws and regulations related.
3.          In order to achieve the tower above we plan for each process and take into account in the planning process
A – not to do any work is needed.
(B) The beneficiaries’ needs and expectations.
C – The official instructions relevant authorities.
4.  of the most important pros process planning:
A – avoid doing any work is necessary and therefore the performance of work in less time, which means reducing the cost of our achievement and the work that enables the reduction of fees incurred by our client for the service.
(B) Contribute greatly to the rapid completion of the service and thus provided to the customer in time.
(C) the completion of the form and level of service required 0.5-do our best to keep in constant contact with the beneficiaries and work with them as one team to be able to provide the services they need at the right time and place.
Our objectives: -
To activate the role of human resource as the basic foundation that the union seeks to distinguish his performance, especially as it represents the most important pillars to deal with contemporary challenges.
Permanent pursuit of change down to the better through the application of international standards in accounting, auditing, cost, management development, training, consulting and evaluation to ensure quality of professional performance.
Our motto :-
Promote excellence in performance and adherence to professional values and seek to bring about change and access to the best.
Our values …
- Commitment to Quality
- Innovation and creativity
- Credibility
- Transparency
- Communication
Our means :-
Action outstanding team performance in working as a team aspiring to permanent development as part of the collective work in the administration office
Activities :-
Contemporary organizations experiencing a major shift in its aims and methods of performance and dealing with the surrounding environment, as evidenced by a significant shift in its relations with dealers, as well as the rules and regulations. All of the above requires significantly change in thought and methodology that thinks and works out working in the administrative and organizational levels. In light of all this shows the training and development activity purposefully to bring compatibility between contemporary variables and aspirations of organizations to deal with these variables, by working to bridge the gap between the two dimensions, this gap we have tried to analyze and extrapolate dimensions and translated in the form of a variety of training activities, has been divided into these activities in the form of Groups including: -
• Training programs and financial accounting and auditing.
• Specialized training programs developed Angels banks
• marketing and sales skills development programs.
• Development and self-development programs capabilities. Development and human resource development programs.
• The women’s program and the preparation of women cadres at work.
• Voluntary work programs.
• Specialized programs in the areas of transportation and logistics.
• Arbitration.
• Environment.
• Social Insurance

• Specialized areas of activities: -
• an international training program (an expert in the application of International Financial Reporting Standards IFRSE).
• Training program in risk management and credit and letters of credit and performance of banks.
• provide economic, administrative, financial and accounting consulting and audit.
• the number of economic and technical feasibility studies for projects.
• the design and operation of accounting and management information systems (internal control – Purchases – sales – stores – cost -electronic Archive – salaries – organizational structure).
• Formal training and the translation certified to international standards of accounting, auditing, accounting and administrative costs.

• Develop and rehabilitation and training of senior management leadership and central according to special
programs
Administrative development and human resource development.
Training :-
To prepare an annual training plan … (in addition to a host of other programs presented by the consulting firm that) contains a number of training programs, seminars and workshops that benefit the vast majority of institutions inside and outside Iraq
The plan includes a variety of training activities including, for example:
• Training activities focused on managerial and behavioral skills.
• Training activities focused on the financial and accounting skills.
• Training activities focused on banking skills
• Training activities focused on technical and engineering skills.
• Training activities focused on education skills
• Training activities focused on quality … etc.
We meet the needs of specialized training for many of the institutions through the design and implementation of a number of contractual training activities.
We believe in our sponsorship of our activities to the concept of training consultant based training to be the end of the activity is displayed scientific vision applied to the problems facing the organization in the topics and areas relevant training activity.
Office support (ISO 10015 standards for training issued by the World Organization Standardization ISO) in the preparation and implementation of programs in terms of equipment and training environment and modern techniques and halls equipped in addition to the adoption center at the base of experts from all disciplines and most prestigious universities in the world certified trainers.
Consulting :-
Concentrated advisory activity of the office in a set of integrated areas with the possibility of the development of any field commensurate with the needs of the institution requesting service through the provision of management advisory services to institutions and companies both public and private sector in the areas of manpower and human resource planning task and numbers Vision strategic institutions and reorganization and planning institutions training needs the companies due to the importance of this activity in the areas of administrative, economic and human development
And those areas are as follows:
1. support leaders
Leadership makes the vision and make others involved in the investigation, which is the engine of the energies and the example of the performance of the institution, so it was important to evaluate leaders using the competencies of leadership model in order to identify development needs and the preparation and implementation of development programs, including back to the organization by improving leadership productivity in all organizational levels.
2. Preparation of the Strategic Plan of Action
The importance of the formulation of the Strategic Action Plan on being a mechanism for achieving progress in the future through good employ the strengths of the institution and to get rid of weakness and take advantage of the opportunities available to them and avoid future risks in order to achieve her to stay and Entrepreneurship points.
3. measure and improve the organization’s culture
This service is to conduct a survey of the principles and beliefs and shared values that he believes in and works for which members of the organization in order to develop integrated plans to get rid of the destructive culture and replace them with constructive values increase the motivation of members of the organization and improve the efficiency of performance.
4. Develop organizational structures
the office in the service to review the organizational structure of the institution divisions and levels to ensure the integration and interaction of its parts, and coordination among them, leading to the speed of the decision and to build and develop a self-oriented teams take to achieve efficient and effective performance.
5. Measure and improve (Image Item Service – institutional experience)
The office in the service review processes that affect the quality of services and products. This is done by studying the characteristics of the services and products offered by the institution the student advisory service and comparable to the best in the same field (Bech markig) in order to determine:
1. the extent appropriate characteristics to the needs and desires and expectations of service recipients and users of the products.
2. Competitive position of the products and services the organization.
3. Necessary evolution in the characteristics of products and services to meet the needs and desires and expectations of its users.
6. Development of systems and procedures and performance indicators
the office provides services in the field of simplification of procedures and systems development to ensure the efficiency and performance of the institution is organized in the following services:
6.1 HR system
• Human resources planning to meet future needs.
• Recruiting and selecting the best human talent.
• Identify training needs and prepare training plans.
• Create an integrated system to evaluate the performance of employees and linking competitive compensation systems.
• Review and development of the wage system
.
6.2 Production and service delivery system
• Apply effective systems for planning and follow-up of production and services.
• Development of materials management system (Purchases – Warehouses – stock control).
• Definition necessary for the application of international standards and obtain accreditation in the field of quality, environment and occupational health and safety certification requirements (ISO9001 – ISO14001 – ISO18001).
• Comprehensive quality systems and modern maintenance management system
6-3 catalog system
The Office services in this area are as follows:
• Study the marketing gap for modern projects.
• Effective marketing mix of products and services designed.
• Development of marketing and sales systems
6-4 of the financial system
The office offers in this area the following services:
• the financial performance of the institution to assess and determine the prospects for its development.
• Develop cost systems to increase production efficiency and reduce cost.
• Review design systems and internal controls to ensure the prevention of fraud, embezzlement and financial and administrative corruption.
• Preparation of financial regulations, procedures and reports.
• Rationalization of expansion and contraction decisions to ensure the efficient investment of financial resources.
6-5 IT system
The Office services in this area in the creation of the institution to be able to:
• Document management electronically.
• The use of information systems applications in the organization’s activities in the planning and follow-up of production and maintenance, marketing and human resources management.
• Create and implement decision support systems.
• Automation of business processes (e-government).
• Transformation of e-government.
6.6 The research and development system

• planning and follow-up research, development and innovation programs.
• Preparation of feasibility studies of projects and expansions.

https://www.iuoaa.com/en/?page_id=123


_________________
Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride

jeepguy

avatar
MEMBER
MEMBER
wow thanks tlm , but will all of that stuff get the dinar traded in all places around the world next week ? that sure looks like a : cover letter or cover page too the central bank information station : every business has something that looks close too this , mission statement , vision , focus , and so -on .... what I wish ---> is too see da- cash bayyyyyybeeeeee Wink

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