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34 Technium Soc. Sci. J. 1 (2022)

handle is hein.journals/techssj34 and id is 1 raw text is: Technium Social Sciences Journal Vol. 34, 1-12, August, 2022 ISSN: 2668-7798 SOCIAL SCIENCES JOURNAL www.techniumscience.com The Application of Fair Value in Commercial Banking and its Relationship to Transparency Financial Statements - Evidence from Iraq Mohammad Salman Dawad', Murtadha Hasan Khlaif2, Asaad Mohammed Ali Wahhab3 12 3College of Administration and Economics, University of Karbala, Iraq mahammad.s@uokerbala.edu.igl, murtadha.h@s.uokerbala.edu.iq2, asaad.m@uokerbala.edu.iq3 Abstract. The research aims to demonstrate the impact of applying this measurement in improving the transparency of financial reporting and its application in Iraqi companies. A high level of transparency in the financial statements has been shown. It has been concluded that the level of transparency of the financial statements when choosing the fair value measurement is higher than the level of transparency when choosing the historical cost measurement, which helps in comparing the financial statements of the different economic units, and that the basis of comparison between it and the measurement based on Historical cost is to achieve the required amount of appropriateness characteristic and honest representation. Keywords. Fair Value, Historical Cost, International Financial Reporting Transparency. Iraq 1. Introduction The research focused on one of the problems related to accounting measurement and choosing the appropriate accounting measurement when applying international accounting reporting standards. According to Al-Masoudi and Daoud (2020), the information provided by measuring the fair value at the time of providing the information is seen as more appropriate, which means that it provides more transparent financial information, and because Not being able to dispense with the features of relevance and honest representation, a standard on fair value measurement by International Accounting and Financial Reporting Standards (IFRS 13) has been prepared. The application of fair value accounting achieves the property of appropriateness and honest representation; in addition, it reflects the current and accurate situation of the economic unit, and it works to achieve the objectives of the financial statements by providing accounting information that benefits the beneficiaries as appropriate and credible and achieves a level of transparency of the financial statements. The Accounting and Regulatory Standards Board in Iraq decided in 2016 to oblige Iraqi banks listed on the Iraqi Stock Exchange to apply the international financial reporting standards for financial evidence issued in 2017. However, the banks did not commit to applying them 1

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