Libya flag Libya: Business Environment

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.
Accounting News

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Latest Update: April 2022

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