Monday, January 20, 2025
Stellar Energy: Our projects signed with Iraq will contribute to reducing grid bottlenecks, 20 JAN
Stellar Energy: Our projects signed with Iraq will contribute to reducing grid bottlenecks
Baghdad - INA
Stellar Energy Company in Iraq and the Middle East confirmed today, Sunday, that its projects signed today with the Iraqi Ministry of Electricity will contribute to reducing grid bottlenecks and improving its reality while confirming that it has two projects that have been launched earlier and are expected to add 600 megawatts
The company's CEO, Gordon Lyon, said in a statement to the Iraqi News Agency (INA), that "the agreement signed today between the company and the Ministry of Electricity came with direct support from the Prime Minister and the Minister of Electricity," noting that "the agreement aims to implement strategic projects in the field of electricity transmission and distribution, which contributes to improving the energy reality in Iraq and reducing grid bottlenecks."
Lyon explained that "the company has a long record of projects, including work on the Kirkuk power stations as well as the Sadr station in Baghdad, which is expected to contribute to producing about 600 megawatts over the next two years."
He added that "Stellar Energy continues to support the Ministry of Electricity by providing the necessary financing from accredited international banks, which enhances its ability to implement future projects."
He pointed out that "the agreement will enter into force after completing the official procedures, including addressing the Ministry of Planning to include the loan in the upcoming budget. After that, the Ministry of Electricity will form a team to prioritize the projects and distribute them according to the needs of the sector, so that implementation can begin according to a well-studied work plan."
TIDBIT FROM MNT GOAT, 20 JAN
Mnt Goat
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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.”
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