APPLICATION OF THE INTERNATIONAL ACCOUNTING STANDARD (IAS: 21), THE CHANGE IN FOREIGN EXCHANGE RATES FOR AL-MANSOUR HOTELS COMPANY

Abstract

This research aims to know the extent to which the International Accounting Standard (21) can apply the change in foreign exchange rates in the research sample (Al-Mansour Hotels Company) in light of the Iraqi shareholding companies ’tendency to apply the international financial report by the end of 2021, and the research results revealed that Some accounting errors on the part of the company in choosing the prevailing exchange rates to assess the bank’s cash balance at the date of the budget. The research has concluded that it is possible to apply the International Accounting Standard (21). Retroactive resulting from the error in evaluating the cash balance at the balance sheet date for previous years, as well as the fact that the current accounting treatments in light of the unified accounting system do not contradict the aforementioned international accounting standard with the recommendation to adhere to the aforementioned standard in subsequent years.