The effect of applying the International Financial Reporting
Standard (16) lease contracts on the financial statements:
An applied study in the Iraqi company for the transport of
petroleum products and goods
Nadhim Shaalan Jabbar, Ahmed Redha Mohammed
University of Al-Qadisiyah/College of Administration and Economics
| Corresponding Author : Ahmed Redha Mohammed Email: acc.post18@qu.edu.iq |
| Abstract : The lease contracts are an important financing method that companies use as an alternative to borrowing to obtain assets for use in their production process. Usually, companies resort to leasing the asset instead of buying it, either due to the lack of liquidity with the company or its desire to maintain its liquidity or the high cost of the opportunity and due to the importance it has acquired. The issue of lease contracts and as a result of the companies ’reliance on them as an alternative to meet the needs of assets. The leasing activity has received great attention from the accounting organizations interested in issuing international accounting standards worldwide, such as the International Accounting Standards Board (IASB). The Board has issued the International Financial Reporting Standard IFRS 16 related to lease contracts, To find a solution to the classifications of the types of lease contracts, and the research aims to identify accounting for lease contracts following international accounting standards and in particular to identify in particular the International Financial Reporting Standard (IFRS 16) lease contracts and to the possibility of its application in Iraqi companies and its effect on the lists Financial. |
