The Role of the International Accounting Standard IFRS 18 (Presentation and Disclosure in Financial Statements) in Improving the Financial Performance of Iraqi Insurance Companies / An Analytical Exploratory Study

Abstract

This study took on the task of exploring the role of the International Financial Reporting Standard 18 IFRS in improving the financial performance of Iraqi insurance companies. The research sample designed for the study included (35) individuals whilst the questionnaire was used as a tool for collecting field data. The statistical program (SPSS V.26) was adopted where a set of statistical tools were used and these ranged from frequency distributions, arithmetic means to standard deviations, response rate, correlation and linear regression relationships. It also adopted a set of hypotheses in order to assess the role and impact of IFRS18 in improving financial performance at the level of the respondent company. . After the statistical treatments that were subjected to the applied data, a number of conclusions were reached. The most important of which is that the application of IFRS18 will improve the interpretation of complex financial information. It will also help to understand it, thus contributing to the clarification and understanding of financial reports. Moreover, it will increase their comparability and understanding by users. The research provided a set of recommendations. These include the need for the respondent company to prepare the necessary infrastructure to apply the standard from human resources and accounting systems. The study also recommended the prospect of developing financial indicators in order to evaluate performances that are in agreement with the data of the IFRS18 standard