This study examines the factors that may be considered as challenges or difficulties facing the implementation of the International Accounting Standards (IASs), and International Financial Reporting Standards (IFRS), by Libyan companies listed on the Libyan Stock Market (LSM). A qualitative approach was employed using semi-structured interviews to collect data. The results reveal that most listed companies prepare their financial statements taking into account the existing laws and the financial regulations, such as the Tax Law, and Libyan Commercial Law, prior to the GAAP with which they comply. The study also finds that the challenges facing the IASs/IFRS implementation in the preparation of listed companies’ financial reports include the following: 1) most listed companies do not offer training programmes, and those that do have only weak provision in this respect, 2) accountants lack adequate skills, awareness and capabilities in implementing IASs/IFRS, 3) accounting education curricula do not include the IASs/IFRS on their syllabus, 4) the vast majority of participants are unable to use the English language in preparing accounts, 5) there is an absence of enforcement from the LSM and external auditors, and 6) the LSM governance mechanisms are weak

This study aims to examine the role the Libyan Stock Market (LSM) in Libyan Economic Growth from the perspective of brokers, employees and investors. A set of questionnaire are employed to identify the role of stock market in promoting economic growth, the problems inherent to LSM and the measures taken by the market to improve the contribution in economic growth. The findings indicate that the brokers, employees and investors agreed that LSM has significant potential and positively contribute to Libyan economic growth. The findings imply that in order to improve the contribution of LSM in economic growth, the Libyan Stock Market authority need to improve their policies to encourage more companies, especially main sectors companies such as oil, energy and communication, to contribute in the market. A set of regulations is also needed to develop LSM culture and to attract the local and foreign investors.

Auditor independence has received considerable attention in recent

years. This is due to the fact that independently audited financial statements

may result in the generation of true and fair accounting information which will

help stakeholders to form rational expectations about firms and minimise the

agency cost. It can also be argued that lack of independence would lead

auditors to collaborate with the management of firms and would produce

misleading accounting information. Accepting this premise, this study explores

the effects of 12 different variables on the perceptions of auditor independence

in Libya. A sample of five user groups namely; owners, investors, lenders,

managers and auditors were chosen for the survey. The results suggest that all

user groups regard auditor independence as an important factor in forming their

decisions about firms. Amongst other variables, the non-availability of auditing

standards in Libya is found to be the strongest factor which undermines auditor

independence in Libya