摘要
Despite the progress of international accounting harmonization, there remain a number of countries which have not adopted International Financial Reporting Standards （IFRSs） but continue to adhere to their own accounting laws or standards, including Libya and some surrounding countries. This paper examines the arguments surrounding the appropriateness of accounting harmonization and the obstacles to achieve it and seeks to apply these arguments in the case of Libya. The conclusion is that although harmonization with IFRSs is not precluded by any cultural considerations, historical factors and accounting education deficiencies may make the adoption of IFRSs more difficult, while the absence of an active stock market may make it less desirable.
