However, the research reached a set of conclusions, including that although the IFRS should contribute to improving the quality of financial reporting, the adoption of these standards in commercial banks listed in the Iraq Stock Exchange did not contribute to achieving quality in earnings even after adopting those standards. The Beneish model was used to measure the quality of earnings, while Mann-Whitney was used to measure and prove the hypothesis of the research. Nevertheless, the research aimed to measure the impact of the adoption of IFRS on the quality of earnings in the Iraqi banks listed in the Iraqi Stock Exchange for a sample of 30 banks. The need for international financial reporting standards (IFRS) emerged due to the increasing degree of interdependence between global capital markets and the need for investors to obtain reliable and honest financial information in expressing economic events, in order to find a common financial language, and this is what IFRS provide. Iraq needs to engage more vaccination campaign while keeping an eye on it agro sector. Russia should endeavor to improve its stringency index while furthering its vaccination efforts. It is for this reason that the t-statistic noted a significant different in recovery/infected between both nations. Russia though with increase financial leverage, focuses on vaccine production and distribution. However, the findings noted COVID-19 rules abiding (high stringency index) and financial leverage aim to support the agro-sector as the Iraqi economy resilient strategies. The t-statistic results confirm no significant mean difference in the effect of the 2020 twin crisis on private sector of both nations. As members of Organization of Petroleum Export Countries, Iraq and Russia private sector under performed in 2020. A year sample t-test is used to compare the level of pressure on the private sector, recovery strategies, it results, performance of other sectors and macroeconomic performance proxies. Descriptive and comparative research methods forms the central analytical tools employed to synthesis the research dilemma. It is also of specific concern to estimate the end to pressure on this sector resulting from the global health problem. It is specifically aimed to evaluate and compare the recovery strategies put in place to survive the small and medium size enterprise.
The study is designed to investigate the effect of the twin crisis on the private sector and national outlook of the oil dependent nations of Iraq and Russia.
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