Proposed Ideas on Building the Accounting Concepts Framework Financial Reports in Iraq

Abstract

The serious efforts for developing the process of selecting the suitable accounting policy took two different directions: The first direction represents the attempts to put a framework for the basic concepts in accounting whether by logical deduction from specific axioms or by induction through experience or experiment or by both of them .The second direction is represented by a professional effort to develop certain standards in accounting to develop the financial reporting without referring to the systematic Theoretical framework.The responsible organization which are in charge of formulating the accounting policies in Iraq adopted the second direction and lost the advantages of having the conceptual framework as an effective tool for designing accounting standards which take part in producing high quality financial reports .