Abstract
Purpose – The purpose of this paper is to examine the nature and development of corporate
accounting regulation in Libya.
Design/methodology/approach – Questionnaire survey and semi-structured interview methods
were used to collect data. Semi-structured interviews were conducted with external auditors, financial
managers, accounting academics and regulators.
Findings – This paper found general agreement that the accounting regulation of public corporations
and banks is strongly influenced by the Libyan Commercial Code and the Income Tax Law. Although
listed companies and the banking sector in Libya are required to comply with International
Accounting Standards (IASs), the majority of them still comply with the US Generally Accepted
Accounting Principles (US GAAP). Moreover, the conclusion that can be drawn from this study is that
the enforcement of IASs through the Libyan Accountants and Auditors Association (LAAA), local
auditors and the Libyan Stock Market has not achieved its purpose. The results also indicate that the
accounting profession in Libya is still in its infancy and still lacks clear structure in order to develop
corporate accounting practice and it appears to play only an important role in retaining external
influences on the accounting practice. The empirical results of this research show that the Salter and
Niswander (1995) criteria (longevity, setting exam and auditors’ opinion on companies’ financial
reports) found that the level of professionalism in Libya is below the required standard.
Originality/value – This paper focuses on corporate accounting regulation and practices and the
role of the LAAA in the development of corporate accounting in Libya. This paper, therefore, aims to
contribute to the literature by examining the corporate accounting regulation in Libya and fills a gap
in international accounting research.
Keywords Participation, Developing countries, Accounting regulation, Accounting standard setting,
Libya accounting
Paper type Research paper
AbstractPurpose – The purpose of this paper is to examine the nature and development of corporateaccounting regulation in Libya.Design/methodology/approach – Questionnaire survey and semi-structured interview methodswere used to collect data. Semi-structured interviews were conducted with external auditors, financialmanagers, accounting academics and regulators.Findings – This paper found general agreement that the accounting regulation of public corporationsand banks is strongly influenced by the Libyan Commercial Code and the Income Tax Law. Althoughlisted companies and the banking sector in Libya are required to comply with InternationalAccounting Standards (IASs), the majority of them still comply with the US Generally AcceptedAccounting Principles (US GAAP). Moreover, the conclusion that can be drawn from this study is thatthe enforcement of IASs through the Libyan Accountants and Auditors Association (LAAA), localauditors and the Libyan Stock Market has not achieved its purpose. The results also indicate that theaccounting profession in Libya is still in its infancy and still lacks clear structure in order to developcorporate accounting practice and it appears to play only an important role in retaining externalinfluences on the accounting practice. The empirical results of this research show that the Salter andNiswander (1995) criteria (longevity, setting exam and auditors’ opinion on companies’ financialreports) found that the level of professionalism in Libya is below the required standard.Originality/value – This paper focuses on corporate accounting regulation and practices and therole of the LAAA in the development of corporate accounting in Libya. This paper, therefore, aims tocontribute to the literature by examining the corporate accounting regulation in Libya and fills a gapin international accounting research.Keywords Participation, Developing countries, Accounting regulation, Accounting standard setting,Libya accountingPaper type Research paper
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