The accounting profession in Libya: weakness Causes and development strategies – faculty members perspective at Libyan universities

Abstract

This study aimed to examine the current state of the accounting profession in Libya and to explore potential strategies for its development, considering the challenges faced by academic and professional institutions. Employing a descriptive, historical, and analytical approach, the study used a literature review to identify key factors contributing to the profession’s weaknesses in Libya. The findings revealed strong agreement on all proposed strategies, particularly the provision of continuous professional education, identification of essential accounting information, raising awareness of accounting’s role in economic development, and enhancing the use of technology. In line with previous studies, the advancement of the profession requires an integrated framework encompassing education, training, and regulation. Major weaknesses include inadequate legislation, limited education and professional training, inactive professional associations, and low societal awareness.

The study concludes that revitalizing the accounting profession in Libya requires a national vision centered on modern education, regulatory reform, continuous professional development, and the promotion of an accounting culture that fosters transparency and sustainable economic growth.