Accounting and accounting rules in Libya

Accounting Rules

Tax Year

The fiscal year begins on January 1st and ends on December 31st of the same year. A different year may be used, subject to previous approval.

Accounting Standards

Most entities apply International Financial Reporting Standards (IFRS).

Accounting Regulation Bodies

The Dewan of Audit

Accounting Reports

Financial statements should include:
- Directors’ report
- Profit and loss account
- Balance Sheet
- Cash flow statement
- Control committee report
- Notes to the above.

Publication Requirements

All business entities in Libya are required by Libyan law to maintain, in Arabic, a ledger and journal. These must bear revenue stamps on each page before use and must be registered at the commercial court.

Professional Accountancy Bodies

List of accounting organizations

Certification and Auditing

Financial statements of foreign companies are required to be audited by qualified auditors annually.
You can contact an external auditor: Deloitte, Ernst & Young and PricewaterhouseCoopers.

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