What is the Unified Accounting System?
The Unified Accounting System is the accounting framework used in Iraq to organise company accounts. It is built on a standard, coded chart of accounts, rules for recording transactions, and formats for financial statements and reports.
Because accountants and auditors in Iraq know and use this system, software that uses its chart of accounts keeps the books readable to them without rearranging anything.
What is IFRS?
International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB) and set the rules for recognising, measuring and disclosing items in financial statements.
Genoa uses the Unified Accounting System chart of accounts and can prepare financial statements under these standards. A company's accountants keep the chart of accounts they know, and can prepare statements under the international standards that matter more and more when dealing with banks and investors.
What does this mean day to day?
The accounts team records journal entries, invoices and stock movements in Genoa, and the accounts are organised on the Unified Accounting System chart of accounts.
Because accounting, inventory, sales and purchasing, and the ledgers are in one product, all of these modules use the same chart of accounts.
Who benefits most from the Unified Accounting System with IFRS statements?
It matters especially for:
- Companies whose accounts are reviewed by an external auditor.
- Companies that deal with banks and need clear financial statements under international standards.
- Accountants who already work with the Unified Accounting System and do not want to learn a new chart of accounts.
- Companies that want one clear framework for their books instead of an improvised chart of accounts.
Questions about unified Accounting System and IFRS statements
What is the difference between the Unified Accounting System and IFRS?
The Unified Accounting System is an Iraqi framework that organises the chart of accounts, how transactions are recorded and the financial statements; IFRS are international standards that set the rules for recognising, measuring and disclosing items.
Genoa uses the Unified Accounting System chart of accounts and can prepare IFRS-based financial statements.
Can I see the chart of accounts under the Unified Accounting System in Genoa before buying?
Yes. Book a demo through the contact page or on WhatsApp and ask us to show you the chart of accounts and how entries are recorded on it.
All frequently asked questions: Genoa