The development of accounting profession and auditing in developed

countries have received considerable attention in the accounting literature.

However, the accounting profession and auditing in developing countries have

been neglected. Therefore, this study critically evaluates the development of the

accounting profession in the developing country context, specifically in Libya.

This paper sheds light on the phases of accounting development in Libya, taking

into account some factors that affect the accounting practice in the country. These

factors include: the Libyan economy; Libyan culture; foreign investment; Big 4

auditors in the country; compliance to the Global Accounting Standards (e.g.

IASs, ISA and IFRS) and Libya’s application to WTO.

This chapter aims, to highlight a review of IAS history, followed by approaches of accounting regulations. The development of accounting regulation within developing countries is also highlighted and discussed in the context of cultural diversity. It also aims to shed light into the motives that drive the adoption and implementation of IASs/IFRS. The political nature of lobbying and accounting standards setting process is also discussed in this chapter. In addition, the chapter discusses those factors that may be perceived as challenges which may delay or even block the convergence into the IASs/IFRS. Finally the authors provide key remarks about the IASs and venues for future research

This study aims to investigate the disclosures of corporate social responsibility CSR in the annual reports of the sixty one Libyan companies for six sectors, namely industry, services, investment, banking, insurance and oil. Study periods are three years; 2009, 2010 and 2012. The disclosures of the corporate social responsibility include four themes, namely environment, community, consumers and employees. Content analysis methodology was employed in order to study the disclosures of corporate social responsibility. Disclosure index was used to measure the corporate social responsibility disclosures. The findings revealed although many companies disclosed their corporate social responsibility activities in their annual reports, but the levels of disclosures are still low. Results of the study also indicated that there are slight differences in the disclosures of the corporate social responsibility between different sectors of Libyan companies. It is expected that usefulness of this study will be acknowledged by stakeholders, potential and present investors, policy makers, and regulatory bodies in Libya or by any other developing country.