Thurs. AM TNT News Articles 11-11-21



An economist talks about the government’s possibility of returning the dollar to the old price

Baghdad today – Baghdad

The economic expert, Durgham Muhammad, confirmed today, Wednesday, that the Iraqi government can return the price of the dollar to the old price to address the rise in prices in the markets.

And Muhammad said in a statement to (Baghdad Today), that “the government is able to restore the price of the dollar, provided that there is direct control by the Central Bank of sales operations and the increase of dollar sales outlets in the local market and directly to the citizen and not through the banks that monopolize the dollar and create a market for it. It also controls its price in the market.

He added, “Increasing the price of the dollar is an improvisational decision by some political blocs and the Minister of Finance, who did not rely on raising it gradually, but rather in a sudden manner, as it led to a rise in inflation and an increase in the poverty rate in the country.”

And Muhammad added, “The current finance minister bears the responsibility for raising the price of the dollar and its negative consequences for the economy, as he has not achieved any economic development goal for the country at all.

Al-Kazemi’s advisor: Gold is a heavy commodity and its monetization is difficult


Economy News _ Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Thursday, that the central banks’ reserves of gold come as part of a balanced basket with the rest of the currencies, considering the yellow metal “a heavy commodity and its liquidation is difficult.”

Saleh said in a press interview, “All central banks in the world hedge reserves of currencies that are securities whose credit rating is very high, in addition to gold, which these reserves must be low risk,” noting that “there must be a balanced basket of currencies.” to maintain the purchasing power of the reserves.

He added, “These reserves consisting of currencies and gold do not come randomly, but rather depend on global evidence that is mentioned and issued by the International Monetary Fund from time to time,” noting that “part of these reserves is monetary gold so that the country’s investment portfolio is low in risks and the so-called exchange rate fluctuations and decline The value of currencies, so the country hedges a diversified basket and part of the diversity is gold.”

Saleh pointed out that “gold is usually not hedged, and it is partial and does not exceed 10% of the reserves of central banks,” noting that “monetizing gold is difficult, and it is a heavy commodity, not like other currencies that can be bought and sold in moments.”

According to the World Gold Council, Iraq possesses in its reserves 96.4 tons of gold, which represents 9% of the rest of its other currencies. Iraq ranks 39th globally among the largest gold reserves, and fifth in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya.

Al-Kazemi’s advisor: Gold is a heavy commodity and its monetization is difficult


International Accounting Standards

The book “International Accounting Standards (IAS36, IAS16) and their audit programs” was published by the Arab Science House Library in Baghdad by the authors, the chartered accountant “Dr. Toma Oraha jumped” and “Dr. Hala Khaled Al-Shadeedi” is part of the International Accounting Standards series.

 The importance of this book is derived for those who specialize in the field of accounting and auditing, as it deals with an important topic at the present time due to the adoption and application of international accounting standards by Iraqi economic units, including the International Accounting Standard (IAS16) “Property, factories and equipment” and the International Accounting Standard (IAS36) “Depreciation in the value of the findings”.

The book aims to facilitate the task of accountants and auditors to carry out their tasks with high professionalism, as well as to reduce the effort and time spent.

The book included four chapters, the first chapter dealt with a comprehensive view of international accounting standards and accounting disclosure of tangible non-current assets in accordance with the International Accounting Standard (IAS16), as well as the conditions for recognizing those assets and the approved approaches to measurement (historical cost entry and fair value entry) and expense calculation extinction.

While the second chapter included a review of the accounting disclosure of the depreciation of tangible non-current assets in accordance with the International Accounting Standard (IAS36) and the indicators of the decline of those assets and the determination of the recoverable value in order to arrive at how to measure and recognize the impairment loss, whether the asset is a single asset or a cash-generating unit . 

While the third chapter included a comparison of the accounting applications between the unified accounting system and the international accounting standards (IAS36, IAS16) and the accounting treatments according to the two standards.

The book ends with its fourth chapter, including a comprehensive audit program to audit the accounting disclosure of tangible non-current assets based on the contents and requirements of the international accounting standards (IAS36, IAS16) with applied cases of accounting disclosure that included all items of tangible non-current assets. 

It states that conforming to international standards makes it easier for users of financial information to translate this information correctly, and that the disclosure of appropriate accounting information that has qualitative qualities of suitability and reliability (honest representation) is the main source on which users of financial statements depend in making their investment decisions.

It is noteworthy that the issuance of the book of international accounting standards IAS36, IAAS16 and their audit programs coincides with the close application of it by Iraqi institutions, and is the first book of its kind at the national level to adopt the goal of facilitating the task of accountants and auditors to carry out their tasks easily.   link

Source: Dinar Recaps


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