The oil sector and the choice of accounting system in Libya are very important factors that have the potential to affect Libya's economic development. Revenue from the oil sector forms the bedrock of Libya's economy and the accounting system used to report the performance of the oil sector...

International standard setters appear to base their arguments for and against the full cost and successful efforts methods of accounting for exploration and evaluation costs on the income smoothing characteristics of these methods (IASC, 2000). In addition, respondents will react in...