Taxation accounting is a wide-ranging field in the field of economy in general and accounting in particular. It is important to study this area in both public and private sectors, because it is in the core of the work of both government organizations and private sector companies. Preparing taxation statements is not an easy task. It needs professional accountants and institutions. The procedures used in preparing Iraqi taxation accounting and financial statements in general and the Kurdistan Region procedures in particular are not unifies and not up to date. Different organizations use different systems. Most of the systems are old and manual. They need to be updated and digitalized.  This study is an attempt to investigate the gap in the Iraqi Kurdistan region taxation accounting and financial statements. It uses a quantitative descriptive method by using a survey tool and checking the financial statements. The data is taken from a number of private companies in Iraqi Kurdistan Region. It tries to compare the system used in different organizations with some other systems in the world to see the variance between these systems.