The Extent of possibility to which IFRS 61 is applicable in Iraqi crude oil production companies

The problem of research is the processing of exploration and drilling assets as well as the processing of the costs of these two phases in accordance with IFRS 6 as well as in the preparation, disclosure and control of financial reporting, thereby ensuring the economic well-being of the community.This research aims to: Statement of weaknesses and strengths in the application of IFRS 6 in Iraqi crude oil production companies. Improve the processing of exploration and drilling costs by developing strengths and addressing existing weaknesses. Preparation of financial reporting based on IFRS 6 and valuation of crude oil production according to the said standard.