• MASAUD  LAGA Megatrend University, Novi Beograd


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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