Iranian MP Calls for Use of Int’l Standards in Banking Transactions

Financial Standards

An Iranian lawmaker underlined the need for using global financial standards in Iran’s economy so that the country’s international banking and economic relations can develop.

“More international investment will be attracted to Iran if our financial statements and cost and benefit reports are prepared based on the International Financial Reporting Standards (IFRS),” noted Rasoul Khezri, an Iranian lawmaker.

While unemployment has contributed to social harms in Iran, more jobs could be created by making investment in production sector, he added, according to a Farsi report by ICANA.

“Iran’s economic authorities have to remove the barriers to investment in this area through proper management.”

“Banks and insurance agencies must apply the IFRS to clarify the situation of Iran’s banking and insurance industries,” he added.

“Economic clarification requires proper financial disclosures: it is to be considered as an important parameter in the development of Iran’s international economic and banking relations,” Khezri noted.

“Economic development requires comprehensive coordination between trade and economy sectors,” he added.

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