Paper Title
THE IMPORTANCE OF HARMONIZING INTERNATIONAL AND LOCAL ACCOUNTING STANDARDS AND THE READINESS OF THE IRAQI ENVIRONMENT FOR IMPLEMENTATION (A COMPARATIVE STUDY)

Abstract
Economic transactions are now conducted on a global scale, transcending national and regional borders, thanks to many factors including globalization, the digital age, and the growth of financial markets. As a result, international and multinational companies dominate the strategic aspects of the world economy. To ensure that the published financial statements of these companies effectively meet the requirements of their users in various sectors, it is necessary to prepare the statements in accordance with universally accepted accounting standards. Acceptance of accounting standards used in the preparation of financial statements is a key goal, as it enhances their availability and usefulness for users. The accounting environment in Iraq is an integral part of the global accounting environment. It is necessary for Iraq to move from domestic to international accounting practices, especially in light of the transition from a socialist economy to a free economy. This transformation is crucial for attracting companies to work in the Iraqi markets. To achieve this, it is important to ensure that companies adhere to Unified accounting standards and implement accounting practices that are in line with international accounting standards. This will help to standardize the accounting language and provide a consistent interpretation of financial statements, which ultimately enhances the reliability and reliability of accounting information. Efforts to achieve harmonization should prioritize the identification and analysis of elements and variables that may help reduce the fundamental differences between domestic and international accounting standards. This study aims to highlight the importance of meeting national standards that are in line with international standards, as well as identify the main obstacles that hinder achieving compatibility and coordination between local and international standards. The study drew several important conclusions. First, it identified financial and economic events that were not covered by the Iraqi accounting standards issued by the accounting standards and Oversight Board of the Republic of Iraq. Secondly, it turned out that Iraqi companies rely on the requirements of the unified accounting system to deal with various accounting issues and disclose relevant information. There is a significant discrepancy between the actual accounting system used in Iraqi institutions and the requirements of the International Accounting Standards. This is manifested in insufficient transparency of financial reporting and some shortcomings in its production. To achieve consistency between Iraqi accounting standards and international standards, the terminology used in the financial reports of companies operating in Iraq should be standardized. This can be achieved by defining accounting practices that are in line with international accounting standards. This consistency will improve confidence among investors and enhance transparency and credibility in financial reporting, which ultimately contributes to attracting foreign investments and supporting economic growth. Keywords - International Accounting Standards, Iraqi accounting environment, Unified accounting system, financial reporting, foreign investment.