Monday, January 20, 2025
New parliamentary meeting to discuss the final text of the draft budget law amendment , 20 JAN
New parliamentary meeting to discuss the final text of the draft budget law amendment
Baghdad /NINA/ - The Parliamentary Finance Committee held a new meeting today, Sunday, to discuss the final text of Article 12 in the draft amendment to the Triennial General Budget Law 2023-2024-2025 No. 13 of 2023, which is included for voting on the agenda of the House of Representatives session scheduled to be held today./End
BROTHER TECHONOLOGY: 140 countries connected to the accounting system, 20 JAN
BROTHER TECHNOLOGY
140 countries connected to the accounting system 
The Federal Supreme Audit Bureau has issued an updated “Unified Accounting System” in accordance with international standards in force in 140 countries. The system is currently being used in its trial version, and will be officially launchednext year, 2026.
The Federal Supreme Audit Bureau has issued an updated “Unified Accounting System” in accordance with international standards in force in 140 countries. The system is currently being used in its trial version, and will be officially launchednext year, 2026. The new system provides more transparency in accounting operations and good governance, and also contributes to attracting foreign investment through its compatibility with international standards .
The Deputy Chairman of the Court, Qaisar Ghazi, said, “The new system began operating at the beginning of this year 2025 (experimentally) in parallel with the unified accounting system that was previously in effect, and it will be applied at the beginning of next year 2026 as a mandatory measure.”
Ghazi pointed out that “the Accounting and Auditing Standards Board, which was established in 1995 under the chairmanship of the President of the Audit Bureau and the membership of many relevant and specialized entities in accounting matters, had a tendency to issue local accounting rules and succeeded in issuing 15 rules; however, the development in the accounting profession, which has become the language of economics, made the local systems in effect in Iraq incomprehensible to external parties and incomparable, as they do not keep pace with what is in effect globally, and this is one of the factors that limited foreign investment and the entry of foreign companies into the Iraqi market.”
He explained that “compliance with international standards enhances integration between the local and global economy, which contributes to attracting capital and achieving sustainable economic growth. In order for the Iraqi economic environment to communicate with the world, these standards must be launched and applied.” He added that “the accounting system must take into account all matters related to the laws, regulations and instructions in force in order to be consistent and not conflict with them.”
miliq.news
Al-Atwani: The Finance Committee has made great strides in discussing the amendment of the budget law, 20 JAN
Al-Atwani: The Finance Committee has made great strides in discussing the amendment of the budget law
Baghdad / NINA /- The head of the Finance Committee, Atwan Al-Atwani, confirmed that the committee has come a long way in discussing the amendment of the budget law. We are keen to mature it in a way that ensures its implementation and commitment to it.
He said while chairing of an expanded meeting, today, Saturday, to discuss the amendment of the proposed three-year budget law by the government, which is included on the agenda of tomorrow's session, that this amendment represents a starting point towards building a legal relationship between the federal government and the regional government in managing oil wealth.
He added that our goal in approving this amendment is to subject the export of the region's oil to the authority of the federal government, and to end suspicions about its smuggling.
He continued: We are keen to establish binding legal paragraphs to resolve the file of calculating the costs of producing the region's oil within a specific period of time, and obligating the Erbil government to hand over revenues to the federal government.
Al-Atwani renewed his call to the government to expedite sending the 2025 budget tables.
The committee's statement said that the meeting discussed ways to mature the proposed government amendment to paragraph 12 of the Federal General Budget Law to ensure resolving the problem of calculating the costs of producing oil in the Kurdistan Region, as a prelude to resolving the outstanding issues between Baghdad and Erbil.
The meeting reviewed, according to the statement, the mechanisms for regulating the legal relationship between the federal government, the regional government, and international oil companies operating in the region's fields, by including in this amendment paragraphs that oblige everyone to implement and close the outlets for evasion of fulfilling constitutional obligations according to specific timetables.
The meeting stressed the need for the regional government to commit to exporting its oil through SOMO and informing the federal government of its oil contracts, and involving it in managing production fields.
The attendees called on the government to expedite sending the 2025 budget tables to the House of Representatives in order to include all accounting topics related to this amendment, including conducting a financial settlement within the framework of the established points, including oil revenues and others that were not delivered to the central government's account. / End
He said while chairing of an expanded meeting, today, Saturday, to discuss the amendment of the proposed three-year budget law by the government, which is included on the agenda of tomorrow's session, that this amendment represents a starting point towards building a legal relationship between the federal government and the regional government in managing oil wealth.
He added that our goal in approving this amendment is to subject the export of the region's oil to the authority of the federal government, and to end suspicions about its smuggling.
He continued: We are keen to establish binding legal paragraphs to resolve the file of calculating the costs of producing the region's oil within a specific period of time, and obligating the Erbil government to hand over revenues to the federal government.
Al-Atwani renewed his call to the government to expedite sending the 2025 budget tables.
The committee's statement said that the meeting discussed ways to mature the proposed government amendment to paragraph 12 of the Federal General Budget Law to ensure resolving the problem of calculating the costs of producing oil in the Kurdistan Region, as a prelude to resolving the outstanding issues between Baghdad and Erbil.
The meeting reviewed, according to the statement, the mechanisms for regulating the legal relationship between the federal government, the regional government, and international oil companies operating in the region's fields, by including in this amendment paragraphs that oblige everyone to implement and close the outlets for evasion of fulfilling constitutional obligations according to specific timetables.
The meeting stressed the need for the regional government to commit to exporting its oil through SOMO and informing the federal government of its oil contracts, and involving it in managing production fields.
The attendees called on the government to expedite sending the 2025 budget tables to the House of Representatives in order to include all accounting topics related to this amendment, including conducting a financial settlement within the framework of the established points, including oil revenues and others that were not delivered to the central government's account. / End
TIDBIT FROM WOLVERINE, 20 JAN
Wolverine
Ok guys it’s definitely coming as things are in motion.
Please make sure you have everything ready when we receive the green light...
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