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Developing Corporate accounting regulation in Libya: Past and future Challenges

Menacere, MK and El-Firjani, E and Menacere, K and Pegum, R (2014) Developing Corporate accounting regulation in Libya: Past and future Challenges. Journal of Accounting in Emerging Economies, 4 (1). pp. 22-56. ISSN 2042-1168

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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.

Item Type: Article
Additional Information: This article is (c) Emerald Group Publishing and permission has been granted for this version to appear here. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Liverpool Business School
Publisher: Emerald
Date Deposited: 11 Dec 2014 12:09
Last Modified: 11 Dec 2014 12:09
URI: http://researchonline.ljmu.ac.uk/id/eprint/217

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