The International Accounting Standards Implementation Obstacles in Libyan Oil Companies

This research is an attempt to explore whether the obstacles to implementing of international accounting standards of these standards shall affect the accounting information quality on financial of statements, decisions of investors, increase direct foreign investment and what are the difficulties to be faced in such obstacles to implementing of international accounting standards in the Libyan environment. This conceptual paper collected the data from the scientific literature include books, periodicals, journals, papers, and conferences, as well as previous relevant topical studies, and return to IAS and International Accounting Standards Board. In addition to laws, legislation and instructions of the bodies and associations in Libya regulate accounting practices. The Libyan oil sector is keen to adopt new technologies, including IFRS. However, this High level of accounting standard requires a large amount of effort, and consequently, organizations must make careful preparations for successful implementation. The discussion provided tools that could assist both companies to accept and work positively with this IFRS. The aim of this research is to investigate the challenges and obstacles are associated with IFRS adoption in the Libyan companies of oil sector