Open AccessThe Applicability of International Standards for Long-Term Leases through the Iraqi Government Accounting System
Author(s) -
Sattar Gaber Khallawy,
Hagar Khadim Mohsen
Publication year - 2019
Publication title -
xi'nan jiaotong daxue xuebao
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 21
ISSN - 0258-2724
DOI - 10.35741/issn.0258-2724.54.6.40
Subject(s) - lease , accounting , accounting information system , business , term (time) , government (linguistics) , order (exchange) , accounting standard , position (finance) , financial statement , financial accounting , fund accounting , finance , linguistics , philosophy , physics , audit , quantum mechanics
The research highlights the long-term leases according to the international accounting standards in public sector within the economic units that apply the government accounting system. The long-term lease is a lease that has a framework of terms and conditions ratified between two persons; or it is a group of agreements which the two parties of the contract (lessor and lessee) are committed by. The lease is usually valid for over one year. The international accounting standards name several treatments in the lessor registry in order to get suitable measurement and disclosure of the users’ needed information and the statement of financial position of the economic unit. Measurements are one of the most important operations that facilitate accessing to reliable data; disclosure is the most significant operator in validity and accuracy of information about the building that is provided to the users.