Graduate institute for financial and accounting studies discussed PhD thesis entitled “measurement and accounting disclosure for oil licensing contracts under the initiative of transparency and its impact on the opinion of the auditor” as an applied research at the South Oil Company, submitted by the researcher “Uday Jawad Ali”. The research discussed the orientation of the Iraqi oil ministry which has tended recently to increase the volume of oil exports through oil exploration, drilling and development of oil wells discovered previously through entering into contracts with a number of international oil companies through oil licenses granted to it which extends to 20 years. These contracts included the duties and rights of the contracting parties and the mechanism of the administrative and financial functioning of oil operations in these fields, audited locally and internationally. These contracts came with the launch of the transparency initiative of the extractive industries (EITI). The study reached at a number of conclusions and recommendations: adoption of SOC in the measurement of the expenses of oil licenses companies on the payments made by those companies at the end of the year without following the logical sequence of measurement (classification, registration, deportation, aggregation and processing). Also the study stated that there are shortcomings in the aspects of capital and operational expenditures of the licensing companies that would appear in final accounts of SOC when consolidating the accounts of the companies licenses with their accounts, and not taking into account the reports of the international Auditor companies licenses of (Ernst Young) nor the reports of transparency initiative concerning the extractive industries ((IEITI) issued from the Office of Financial Supervision when conducting periodic and final audits of financial statements for South Oil Company on the Iraqi side represented by the Iraqi oil Ministry.