Record Details

Obstacles Of Adoption And Implementation Of IFRS In Libya

Research Journal of Economics, Business and ICT

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Title Obstacles Of Adoption And Implementation Of IFRS In Libya
 
Creator Laga, Masaud; Megatrend University, Novi Beograd
 
Subject —
Ifrs , Adoption , Implementing , Practical Obstacles, Libya
M41
 
Description This paper focused on the practical obstacles that will facethe  process  of  implementing  of  International  FinancialReporting  Standards  (IFRS),  with  particular  reference  toLibya.  Due  to  certain  weakness  of  its  accountinginfrastructure,  there  is  no  doubt  that  adoption  andimplementing of IFRS in Libya is not an easy task as somemight  think.  Therefore,  although  in  implementing  of  IFRS Libya  will  gain  many  benefit  including  increasing  the  level of  comparability  and  provide  more  reliable,  accurate, transparence  and  valid  financial  accounting  information. However,  the  process  of  implementing  IFRS  in  Libya will face several obstacles including lack of technical skills andinadequate knowledge of Libyan professional accountants,the difficulty to develop its existing accounting systems, anda regulatory framework to cope with economic and  socialdevelopment, and recent evolution in accounting professionincluding  international  financial  reporting  standardsapplication,  inadequate education and training. This paper reveals that many necessary stepsshould be taken to overcome such obstacles which includestrengthen professional accountancy body (LAAA) toimprove the status of profession, revisions of curriculum foreducating and training of professional accountants to enableaccountants to gain exposure to international developmentsin the profession including IFRS application.
 
Publisher English Time Schools & Overseas Education
 
Contributor —
 
Date 2013-03-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://ojs.journals.cz/index.php/RJEBI/article/view/258
 
Source Research Journal of Economics, Business and ICT; Vol 8, No 1 (2013)
2047-7848
2045-3345
 
Language eng
 
Relation http://ojs.journals.cz/index.php/RJEBI/article/view/258/261
 
Rights Copyright (c) 2013 Masaud Laga
https://creativecommons.org/licenses/by/3.0/