The Realtionship Between International Public Sector Accounting Standards (IPSAS) and the Quality of Accounting Information in Libyan Government Sector

Purpose: The aim of this study was to determine the significance of using International Public Sector Accounting Standards (IPSAS) in impacting the quality of accounting information.   Theoretical framework: Recent literature has revealed positive results in IPSAS and accounting information quality (Bakhtah & Ammar, 2019). However, because IPSAS is a relatively new product, there is still plenty to research and learn about it.   Methodology: The study population included a number of board directors, non-audited members, internal auditors, accountants, and department heads from various branches of government in Libya's government sector. They were given 400 questionnaires, and the data was analysed using SPSS and PLS-SEM.   Findings: The four independent factors (ensuring sound governance, disclosure, board of directors responsibilities, and shareholder rights preservation) had a substantial impact on the quality of accounting information among Libyan bank personnel.   Research, Practical & Social implications: We propose a future research agenda and highlight contributions to knowledge, namely auditing literature and the quality of accounting information literature.   Originality/value: The findings show that the adoption of IPSAS will have an effect on an external audit in Libya. IPSAS standardises external audit reports and has an impact on external audit notes. The implementation of IPSAS will result in the collaboration of Libyan audit firms with global audit firms to gain experience auditing IPSAS-prepared financial statements. This will improve the conclusions and knowledge of worldwide accounting standards of the external auditors

Corporate Governance and International Public Sector Accounting Standards (IPSAS) on the Quality of Accounting Information in Libyan Government Sector

Purpose: The objective of this study was to identify the importance of applying the standards of governance and International Public Sector Accounting Standards (IPSAS) in influencing the quality of accounting information.   Theoretical framework: Recent literature has reported good results in both corporate governance and IPSAS (Bakhtah & Ammar, 2019). However, there is still much to investigate and learn about IPSAS because it is a recent development.   Methodology: The study population consists of a number of members of board directors, non-audited members, internal auditors, accountants and department heads in some branches of government entities in the Government Sector of Libya. 400 questionnaires were distributed to them and data was analysed in SPSS and PLS-SEM.   Findings: The five latent variables (ensuring a sound governance, disclosure, responsibilities of the board of directors, preservation of stakeholders’ rights and fair equal treatment) explain substantial 73.5% of the variance for the quality of accounting information among employees of Libyan banks.   Research, Practical & Social implications: We suggest a future research agenda and highlight the contributions made to knowledge particularly to both auditing literature and the quality of accounting information literature.   Originality/value: The findings demonstrate that the adoption of IPSAS will impact an external audit in Libya. IPSAS makes external audit reports uniform and affects external audit notes. The adoption of IPSAS will lead to the sharing of Libyan audit companies with global audit firms to acquire experience audit IPSAS-prepared financial statements. This will increase the external auditors’ findings and knowledge of international accounting standards