Challenges of International Financial Reporting Standards (IFRS) Adoption in Libya
International Journal of Accounting and Financial Reporting, ISSN 2162-3082, 2014, Vol. 4, No. 2
23 Pages Posted: 15 Dec 2014
Date Written: December 14, 2014
Abstract
This study investigates the challenges that face implementing of International Financial Reporting Standards (IFRS) by Libyan firms. In particular, this paper analyses the effect of legal, economic, accounting education and culture structures on adopting of IFRS in the Libyan context. A questionnaire was used to collect data regarding the effect of some selected challenges on IFRS adoption in Libya. The results of the study indicate that IFRS adoption by Libyan companies has faced some obstacles such as accounting education and economic issues. This research extends accounting literature by studying the challenges of IFRS in Libya (a developing country), focusing on the impact of legal, accounting education, economic and culture in IFRS implementation.
Keywords: IFRS, developing countries, Libya and accounting
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