Coyote

  In Coyote 

Iraq doesn’t follow GAAP…They follow IFRS….GAAP is General Accepted Accounting Standards. It is not a report but volumes of standards and regulations that Is only used in the US. There are over 100 other countries, Iraq being one of those countries that use IFRS which stands for International Financial Reporting Standards. In Iraq, banks cannot use both…Banks must use IFRS as mandated by the CBI…I used to be a financial auditor for the #1 construction company in the world based on ENR who operates both domestically and international. I am now retired…Are IFRS Standards incorporated into law…?  Yes for banks Under the Iraq Banking Law (2004)… No for other companies.