During the 1^st forum of implementing international standards of the accounting system, Department of Supervision and Internal Auditing, University of Al-Mustansiriyah highlighted developing the Iraqi accounting system and implementing international standards in this important sector because Iraq is in dire need to develop its accounting and supervision system in order to counter corruption and achieve the desired development. The forum, in which a number of researchers, specialists and faculty members participated, reviewed two axes; the first is on requirements for implementing of IFRS in the local environment and the possibility of updating the consolidated accounting system according to international reports. The forum also reviewed the second axis on legal difficulties and constraints facing the implementing of IFRS and the possibility of harmonizing validate legislation and laws with the implementation guidelines for international standards in preparing financial reports.