The Impact of Adoption International Financial Reporting Standards in the Developing Countries (Study on the State of Libya)

Abstract

Most of developing countries in the world have revolutionized their accounting practices especially during the last few decades of the 21st century. Such revolutions encompass the adoption or adaptation of local accounting practices and harmonizing it with the International Accounting Standards (IAS) & (IFRS) This study is seeks to analyze the impact of Adoption the international reporting standards in the developing countries and particular the case study(( a state of Libya )). The objectives of this study are to Contribute in the development of the accounting profession in Libya, analyzing the importance and the advantages of the Adoption in the Libyan environment from the perspective of stakeholders. The results of this study showed that most of the sample study Who participated in answering the questionnaire submitted in this particular are supporting the adoption of international reporting standards in the state of Libya. Where they have indicated to that the international financial reporting standards are contributing in the improve and raise the level of the accounting profession, waterless of external investors and contribute in the advancement of the stock markets and Improve the processes of comparison, analysis, disclosure. The data were analyzed using the Spss software