The Impact of Applying International Financial Reporting Standards (IFRS) on Enhancing the Qualitative Characteristics of Accounting Information (An Applied Study on Libyan Telecommunications Companies

Abstract

Abstract: This study aimed to demonstrate the impact of applying International Financial Reporting Standards (IFRS) on enhancing the characteristics of accounting information in Libyan telecommunications companies. To achieve this objective, the study adopted an analytical approach, using a questionnaire as the primary data collection tool. Forty-five (45) questionnaires were distributed to a sample of department managers, section heads, and employees in several telecommunications companies in Tripoli (Libya Telecom & Technology Company and Libyana Company). Thirty-six (36) valid questionnaires were returned for analysis. The data were analyzed using the Statistical Package for the Social Sciences (SPSS). The results of the study showed a statistically significant impact of applying IFRS on the characteristics of accounting information, as well as on enhancing the relevance of accounting information and supporting its faithful representation. The results also indicated a significant impact of these standards on enhancing the comparability and verifiability of accounting information. Furthermore, the results confirm that accounting information prepared in accordance with these standards contributes to 

to supporting decision-makers by improving their ability to predict and make sound decisions, in addition to its neutrality and objectivity, thus reducing bias.

The results also confirm that accounting information prepared in accordance with these standards contributes to supporting decision-makers by improving their ability to predict and make sound decisions, as well as its neutrality and objectivity, which reduces bias. In light of these findings, the study recommends expanding the application of International Financial Reporting Standards (IFRS), given their effective role in improving the quality of accounting information, particularly in terms of relevance and accurate representation, which positively impacts the efficiency and effectiveness of decision-making.