THE ROLE OF IFRSs AND IASs ADOPTION ON FINANCIAL STATEMENT QUALITY IN IRAQI OIL AND GAS COMPANIES

Abstract

The issue of financial statement quality constitutes a crucial concern warranting scholarly attention. Consequently, the present investigation undertakes an examination of the influence exerted by the acceptance of International Financial Reporting Standards (IFRs) and International Accounting Standards (IASs) on the financial statement quality within the context of oil and gas companies operating in Iraq. Additionally, the researchers investigate the influence of moderation on institutional support (IS) on the connection between IFRs, IASs adoption, and the financial statement quality of oil and gas companies in Iraq. Empirical data for the study were procured from the audit department of the oil and gas industry in Iraq through the utilization of survey questionnaires. Employing the SPSS-AMOS software, the study scrutinized the links between the variables. The findings underscore that there is direct relationship between the implementation of IFRSs & ISSs and the financial statement quality of oil and gas companies in Iraq. Furthermore, institutional support in the associations between IFRs, IASs adoption, and the financial statement quality of oil and gas companies in Iraq. This study offers valuable insights for policymakers, providing guidance in formulating effective policies aimed at promoting excellent financial statements by carefully implementing IFRs and IASs.