After a change of political regime in 1969, the Libyan government changed the
Libyan economy to an economy based on the ideology of socialism (Buferna et al.,
2005), and was dominated by large enterprises owned by the state, and controlled and
supervised by Libyan government institutions to help achieve sustained economic
growth in the country (Ahmad and Gao, 2004). Moreover, in 1997 foreign investors
were allowed to invest in the country by entering into partnership with Libyan
enterprises. With the emergence of a private sector, economic growth, the growth of
foreign direct investment and the impact of globalization, there is a strong demand for
change to accounting and accounting regulation development (Ahmad and Gao, 2004).
Until the late 1990s there was no evidence that the Libyan Accountants and
Auditors Association (LAAA) which was established in 1973 played a role in terms of
developing domestic accounting standards (Buzied, 1998). To address this problem, the
Libyan government enacted the Banking Law No: 1 of 2005 and decision No. 134 to
establish Libyan Stock Market (LSM) which required all banks and listed companies
that have one million Libyan Dinars (LYD) capital or more are required to be listed on
the LSM and follow IASs.
After a change of political regime in 1969, the Libyan government changed theLibyan economy to an economy based on the ideology of socialism (Buferna et al.,2005), and was dominated by large enterprises owned by the state, and controlled andsupervised by Libyan government institutions to help achieve sustained economicgrowth in the country (Ahmad and Gao, 2004). Moreover, in 1997 foreign investorswere allowed to invest in the country by entering into partnership with Libyanenterprises. With the emergence of a private sector, economic growth, the growth offoreign direct investment and the impact of globalization, there is a strong demand forchange to accounting and accounting regulation development (Ahmad and Gao, 2004).Until the late 1990s there was no evidence that the Libyan Accountants andAuditors Association (LAAA) which was established in 1973 played a role in terms ofdeveloping domestic accounting standards (Buzied, 1998). To address this problem, theLibyan government enacted the Banking Law No: 1 of 2005 and decision No. 134 toestablish Libyan Stock Market (LSM) which required all banks and listed companiesthat have one million Libyan Dinars (LYD) capital or more are required to be listed onthe LSM and follow IASs.
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