The Study of Problems Moving from the Unified Accounting System to the International Accounting Standards

Mohammed Rafeeq Mustafa


The financial reporting is an essential function of accounting, it express in fairly for the correct value of economic unit. This requires a display in balance sheet all owned assets for economic unit together tangible and intangible, can it measure according to for available traditional accounting measurements or it measures impossible in these measurements, this requires new relevance measurements for intangible assets which cannot indicate it in cash. Although the shifting in economic age towards the intellectual economic or information age but the accountants still work in assumptions of the industrial age which put for tangible assets and its role for creating the value for economic unit, this will can lead the economic units to fail. Incorrectly attribute all difference between the book value and market value for intangible assets which not recognized in the balance sheet, this difference comprises, in addition, the value of this asset the effect of inflation and the influence of economic and political decisions. The intellectual capital centralizing about itself, which consider intellectual capital for certain corporation but not ditto for another, this means the comparison between two corporations did not give acceptable results, the benefited comparative between two years or more for the corporation itself which determine the development in accumulated knowledge incorporation.


Financial Reporting; Intangible Assets

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