Approved in 140 countries.. Iraq launches a unified accounting system with international standards
The Federal Supreme Audit Bureau has issued an updated “Unified Accounting System” in accordance with international standards in force in 140 countries. The system is currently being used in its trial version, and will be officially launched next year, 2026. The new system provides more transparency in accounting operations and good governance, and also contributes to attracting foreign investment through its compatibility with international standards .
The Deputy Chairman of the Court, Qaisar Ghazi, said, “The new system began operating at the beginning of this year 2025 (experimentally) in parallel with the unified accounting system that was previously in effect, and it will be applied at the beginning of next year 2026 as a mandatory measure.”
Ghazi pointed out that “the Accounting and Auditing Standards Board, which was established in 1995 under the chairmanship of the President of the Audit Bureau and the membership of many relevant and specialized entities in accounting matters, had a tendency to issue local accounting rules and succeeded in issuing 15 rules; however, the development in the accounting profession, which has become the language of economics, made the local systems in effect in Iraq incomprehensible to external parties and incomparable, as they do not keep pace with what is in effect globally, and this is one of the factors that limited foreign investment and the entry of foreign companies into the Iraqi market.”
He explained that “compliance with international standards enhances integration between the local and global economy, which contributes to attracting capital and achieving sustainable economic growth. In order for the Iraqi economic environment to communicate with the world, these standards must be launched and applied.” He added that “the accounting system must take into account all matters related to the laws, regulations and instructions in force in order to be consistent and not conflict with them.”
Iraq issues new banknotes with innovative security features for the visually impaired.. Photos
To see New Iraq banknotes Click here
The Central Bank of Iraq has unveiled the security marks of the circulating banknotes, with the aim of educating the public, as well as companies and commercial banks that deal with these banknotes on a daily basis.
The Central Bank reviewed these improved security features, through a technical bulletin, which was received by Shafak News Agency, indicating the introduction of prominent features on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.
In the context of awareness, the bank indicated that the public will have enough time to adapt to the new banknotes, stressing the importance of sharing this information with those around them.
The Central Bank of Iraq confirmed that the new banknotes will be circulated alongside the old ones, and there will be no intention to withdraw the old banknotes from circulation.
The bank explained that its main objectives are to maintain the stability of domestic prices and ensure a financial system based on a stable competitive market, and it also aims to promote sustainable growth, job opportunities, and prosperity in Iraq.
The Central Bank of Iraq reviewed the distinction of Iraqi banknotes, which are among the most complex security features, and are manufactured from the best types of paper used in printing banknotes to ensure quality and security.
The bank stressed that any attempt to manufacture, possess or pass counterfeit banknotes is a criminal act punishable by law, calling for any counterfeit banknotes to be handed over to the police and the Central Bank of Iraq.
The headquarters of the Central Bank of Iraq is located in the center of the capital, Baghdad, and it has three branches in the cities of Basra, Mosul, and Erbil within the Kurdistan Region.
Advisor to Al-Sudani: The internal debt exceeds 80 trillion dinars and there is a plan to gradually extinguish it
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq’s internal debt exceeded 80 trillion dinars, while indicating that there is a well-thought-out plan to gradually extinguish it in coordination between the fiscal and monetary policies.
In precise details, Saleh explained via {Euphrates News} that: “The main dilemma that the country has faced over the past years was the disruption of a number of development projects that were inherited by the three-year general budget under Law No. 13 of 2023, which was designed based on an average price of a barrel of oil of $70, and exports not exceeding 3.4 million barrels per day.”
He added, “These exports were reduced by about 200,000 barrels per day under the OPEC Plus agreement, which necessitated resorting to internal borrowing again to implement stalled strategic projects that had previously been halted due to financial, security and health crises.”
Saleh pointed out that “the budget stipulated an annual borrowing of 64 trillion dinars to address the potential deficit,” noting that “the Central Bank of Iraq retains more than 50% of the domestic debt within its asset portfolio, with high coverage in foreign currency, which ensures that there are no inflationary effects resulting from this debt.”
He explained that “remittances and bonds, as debt instruments, represent domestic assets that were discounted by the monetary authority, which caused an increase in monetary issuance; however, they are fully covered by foreign currency, despite the rise in the monetary base and general liquidity components in the economy.”
Saleh concluded his statement by emphasizing that “the annual inflation levels in Iraq are still under control, reaching less than 3% for the year 2024,” stressing that “there is a well-thought-out plan to extinguish the domestic debt and control its growth rates according to the criteria of financial reinforcement during the coming years.”