Although there is extensive literature, it does not seem to deliver anything
innovative regarding an effective and efficient manner in developing and implementing
accounting regulation. In the case of developing countries, it is reasonable to suggest
that a likely result of staff being ill prepared and ill qualified to effectively implement
accounting regulation. It is worth mentioning that a couple of previous studies focused
on the development of accounting generally in Libya (Buzied, 1998; Bait-El-mal et al.,
1973) Despite the fact that these studies provide insightful and useful background
information about accounting in Libya, they are dated. The current Libyan environment
is much more complex than ever before and it is continuously changing at a fast pace
such as some laws require companies and banks to use IASs. This study investigates
the development of accounting literature seeking new lines of inquiry by placing the
research in the current volatile economic climate. It also relates new findings to previous
findings in the discussion of accounting regulation. Finally, this paper is produced
at a time of unprecedented changes across the Arab World and Libya in particular. What
most people have been demonstrating about is economic opportunity, transparency and
accountability and the development of a sound accounting system and a consistent
accounting regulation will no doubt help in achieving these goals.
Although there is extensive literature, it does not seem to deliver anything
innovative regarding an effective and efficient manner in developing and implementing
accounting regulation. In the case of developing countries, it is reasonable to suggest
that a likely result of staff being ill prepared and ill qualified to effectively implement
accounting regulation. It is worth mentioning that a couple of previous studies focused
on the development of accounting generally in Libya (Buzied, 1998; Bait-El-mal et al.,
1973) Despite the fact that these studies provide insightful and useful background
information about accounting in Libya, they are dated. The current Libyan environment
is much more complex than ever before and it is continuously changing at a fast pace
such as some laws require companies and banks to use IASs. This study investigates
the development of accounting literature seeking new lines of inquiry by placing the
research in the current volatile economic climate. It also relates new findings to previous
findings in the discussion of accounting regulation. Finally, this paper is produced
at a time of unprecedented changes across the Arab World and Libya in particular. What
most people have been demonstrating about is economic opportunity, transparency and
accountability and the development of a sound accounting system and a consistent
accounting regulation will no doubt help in achieving these goals.
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