Development of accounting regulatory institutions in Libya (1951-2006)

Alferjani, M, Mirshekary, S, Dellaportas, S, Mihret, D and Yaftian, A 2018, 'Development of accounting regulatory institutions in Libya (1951-2006)', Accounting Research Journal, vol. 31, no. 2, pp. 267-283.

Document type: Journal Article
Collection: Journal Articles

Title Development of accounting regulatory institutions in Libya (1951-2006)
Author(s) Alferjani, M
Mirshekary, S
Dellaportas, S
Mihret, D
Yaftian, A
Year 2018
Journal name Accounting Research Journal
Volume number 31
Issue number 2
Start page 267
End page 283
Total pages 17
Publisher Emerald
Abstract Purpose This study aims to explain the driving forces behind the development of accounting regulatory institutions in post-colonial Libya. Design/methodology/approach The historical method is used to interpret relevant documentary evidence in the development of accounting in Libya vis-à-vis developments in the country's post-colonial political-economic history. Findings The development of accounting regulation in Libya is traced to post-colonial political-economic history that occurred independent of the country's colonial past. The immediate aftermath of colonialism (1951-1968) showed that Western accounting practices used by Western businesses operating in Libya were imbued by pro-Western ideology. Basic legislative requirements for accounting and auditing emerged during this period through legislation. Two distinct epochs surfaced during Muammar Gaddafi's rule: initially, the state advocated a centrally planned economy, but in the 1980s, an ideological shift occurred, which opened the Libyan economy to the global market. The first epoch saw the formation of accounting regulatory agencies consistent with the state-centred organisation of society, and the second epoch engendered the development of accounting standards consistent with the developments in market-centred societies during the era of globalisation. Originality/value The study offers unique historical evidence on the development of accounting regulation in a developing country independent of its colonial history. The study enhances our understanding of how the interplay between the political economy and the ideological basis of the state determines the historical path of accounting as a basis for predicting the possible future direction of accounting development.
Subject Accounting, Auditing and Accountability not elsewhere classified
Keyword(s) Globalization
Accounting regulation
Political economy
DOI - identifier 10.1108/ARJ-01-2015-0007
Copyright notice © Emerald Publishing Limited
ISSN 1030-9616
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