A study at the College of Management and Economics at the University of Karbala discussed the integration between the conceptual framework of accounting and auditing and its impact on financial reporting.
The thesis submitted by student Firas Abdel Amir Hussein aimed to study the effect of integration between the conceptual framework of financial accounting and auditing in the reporting process by providing useful and appropriate information for users’ decisions.
The study concluded that accounting practices relied on a set of interconnected and integrated concepts that regulate the process of measurement, presentation and disclosure in general-purpose financial statements.
The study recommended the necessity of working to achieve convergence and compatibility between local accounting and auditing standards and concepts with their counterparts at the international level, in a way that enhances the confidence of users of reports and financial statements and opens the door to attracting foreign investments.
