Title: THE ROLE OF ACCOUNTING INFORMATION IN ENHANCING FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES OF LISTED INSURANCE FIRMS IN IRAQ

Author: Baydaa Fadhil JASIM

Abstract: Measuring fair value is essential for financial reporting, especially for insurance firms with complex assets and liabilities. However, in Iraq’s insurance sector, its implementation is hindered by market illiquidity, lack of active markets, inadequate valuation tools, and poor disclosure. This study evaluated how accurate, timely, and validated accounting data can increase establishing fair value and evaluating the quality of financial reporting for Iraqi insurance companies that are listed. Due to the limited population size, this study used a census sample method to analyse data from five listed insurance companies in Iraq utilizing post facto research methodology. encompassing the years 2015–2024, the research spanned different financial and regulatory phases. Panel regression analysis was used to examine variable relationships, leveraging the longitudinal nature of the data to enhance accuracy, control for unobserved factors, and ensure robust results. The regression result reveals that The fair value measurement of the assets and liabilities of listed insurance firms in Iraq, as measured by FV, credit risk, timeliness, and value relevance, is also significantly and favourably impacted by the accounting data. The results suggest that when Iraqi insurance companies communicate high quality accounting information which is faithfully represented, timely and value relevant, These reasonable asset and liability valuations are usually more accurate and dependable. This serves to enhance quality, transparency and investor confidence in the insurance industry’s financial reporting. The research concluded that fidelity representation and These reasonable asset and liability valuations. The findings of this study implied that regulatory authorities must promulgate more vigorous regimes and benchmarks to ensure that timely, true and fair and verifiable accounting disclosures made in the insurance sector.

Keywords: Accounting information, fair value measurement, faithful representation, timeliness, value relevance.

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