The Department of Accounting Studies at the Post-graduate Institute for Accounting and Financial Studies at the University of Baghdad discussed the research titled(The impact of First-time Adoption of International Financial Reporting Standards in the audit procedures on the value Relevance-applied research for a sample of banks listed in the Iraq Stock Exchange)) for the student Mohammed Talibe Mohammed to obtain chartered accountant certificate, which is the highest professional certificate in the field of specialization, and its holder enjoys all the rights and privileges of a doctorate degree.
The study aimed to evaluate the impact of the transition from local accounting standards to International Financial Reporting Standards (IFRS) on financial statements, and measure the change in the value relevance of financial accounting information before and after the application of the Financial Reporting Standard (IFRS1), and test the impact of applying the standard on value relevance and demonstrate the impact of audit procedures. In light of international standards on appropriateness of value.
The study concluded that the adoption of international accounting and financial reporting standards affects the appropriateness of the value in the banks in the research sample with its main indicator (the market value of the stock). This confirms the validity of the conclusion that the financial statements prepared based on international financial reporting standards express themselves in a more appropriate manner than the traditional statements.
