OBSTACLES OF ADOPTION AND IMPLEMENTION OF IFRS IN LIBYA
Abstract
This paper focused on the practical obstacles that will face
the process of implementing of International Financial
Reporting Standards (IFRS), with particular reference to
Libya. Due to certain weakness of its accounting
infrastructure, there is no doubt that adoption and
implementing of IFRS in Libya is not an easy task as some
might 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 and
inadequate knowledge of Libyan professional accountants,
the difficulty to develop its existing accounting systems, and
a regulatory framework to cope with economic and social
development, and recent evolution in accounting profession
including international financial reporting standards
application, inadequate education and training of
accountants. This paper reveals that many necessary steps
should be taken to overcome such obstacles which include
strengthen professional accountancy body (LAAA) to
improve the status of profession, revisions of curriculum for
educating and training of professional accountants to enable
accountants to gain exposure to international developments
in the profession including IFRS application.
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