The Reflection of applying the International Financial Reporting Standard (5) Non-current Assets Held for Sale and Discontinued Operations on the of financial Statement: A comparative applied study at Dana Pharma Company for Trading Medicines/Limited
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Abstract
The study aims to show the reflection of the International Financial Reporting Standard (5) Non-current Assets Held for Sale and Discontinued Operations on the financial statements of Dana Pharma Company for Trading Medicines, Medical Supplies, Equipment, Laboratory Equipment and Dental Supplies / Limited, based on Iraq's trend towards applying the IFRS financial reporting standards through studying the measurement, recognition and accounting disclosure according to the aforementioned standard under the unified accounting system and the resulting reflection on the quality of financial reports in the study sample company. In order to achieve the study objectives, the applied approach was relied upon by analyzing the financial statements of the study sample company to show the reflection of the aforementioned standard in its two parts (non-current assets held for sale and discontinued operations) on the financial reports. One of the most important conclusions reached by the study is that the application of the International Financial Reporting Standard (5) Non-current Assets Held for Sale and Discontinued Operations helps to enhance financial reports through transparency, accuracy and improving forecasts in providing information about discontinued operations in addition to the risks associated with non-current assets, which enables investors to make informed decisions based on reliable information. The study recommends that the International Financial Reporting Standard (5) Non-current Assets Held for Sale and Discontinued Operations should be applied in the Iraqi environment in a way that enhances the qualitative characteristics of appropriate financial information and honest representation, which helps in enhancing financial reports.
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