Measurement of Fair Value of Fixed Assets in Accordance with International Financial Reporting Standard (IFRS 13): An Applied Study on the General Company for Woolen Industries.

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Measurement of Fair Value of Fixed Assets in Accordance with International Financial Reporting Standard (IFRS 13): An Applied Study on the General Company for Woolen Industries.

Safa Mahdi Raji   ,  Basem Abdullah Kazem   ,  Ali Karim Mohammed

Al-Muthanna University/ College of Administration and Economics

Abstract

The aim of the research is to establish the concept of fair value and to identify the challenges facing its application, and to identify the IFRS 13 and its role in the application of fair value in the Iraqi environment. The research is based on the application of fair value measurement, and the use of records on proving the process of measuring the suitability of the Iraqi environment. A set of conclusions is reached, which the most important is that possibility of adopting an alternative approach to measuring fixed assets in line with developments in the world because the historical cost approach does not meet the needs of users and does not consider the conditions of inflation. It is also concluded that the use of fair value measurement in the revaluation of fixed assets using the indices helps to know the real value of the assets of the economic unit

DOI:10.52113/6/2019-9-3/142-155

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