Shoaib Abdulmutallab Ibrahim Al-Hadithi, Hoida Tariq Hussein Al-Dulaimi
International accounting organizations have taken upon themselves the issuance of accounting standards and rules that regulate accounting treatments and the disclosure of financial information in the financial statements of economic units. with the aim of placing restrictions on the behavior of management, groups and parties interested in accounting information in both the recognition and measurement of a particular item and its disclosure and presentation in the financial statements, the need to develop that information requires the use of some modern techniques in the field of accounting for the purpose of reducing the gap between local and international accounting applications from by making comparisons between those applications and providing harmonious accounting procedures that help facilitate the entry of local markets by international companies, as well as helping local companies to develop their activities to enter the international markets, and from this point of view, the researcher chose the benchmarking method by making comparisons of accounting applications, which achieves search objective. The research started from a problem represented by the multiplicity of accounting and reporting methods for inventory in Iraqi economic units, which leads to the difficulty of applying the feature of comparability between these units. Financial accounting for inventory. The research came with a number of conclusions, the most important of which were:
1. International standards achieve sobriety for local accounting practices more than internal standards, which do not reach the level of sobriety in international standards, as well as weak accounting information regarding international standards for users of financial statements, which would make it difficult to switch to international accounting applications, especially with regard to fair value and methods. Valuation of investments, financial derivatives and others.
2. The applications contained in the unified accounting system conflicted with the applications contained in international accounting standards in some accounting applications with regard to the recognition of inventory under the periodic and continuous inventory system and the subsequent processes of recording, measurement and display.
3. The international accounting standards included precise details of the applications related to the depreciation of the commodity stock, how to account for it, its registration in the accounting records, its recognition and its disclosure in the financial statements the researcher came up with a set of recommendations:
• Urging the accounting and regulatory standards board in iraq to be guided by international accounting standards, especially those that were addressed in the research when issuing local accounting rules, in addition to being guided by these standards to modify the unified accounting system, which reduces the discrepancy in the applied accounting practices and reliance on unified bases of measurement, presentation and disclosure, which the outputs of the modified accounting system are based on the international model of practices while preserving the privacy of the local environment.
• Urging the sectorial committee for accounting in iraq to develop special approaches to international accounting standards, local accounting rules and the unified accounting system in order to reduce the gap between those groups by clarifying and narrowing the differences based on the concepts of measurement, disclosure and presentation that are standardized and approved mainly to prove applications.