The feasibility of applying measurement requirements in accordance with International Accounting Standard 16 (IAS 16) in the Great Man-Made River Project in Benghazi

Abstract

The aim of this study was to identify the possibility of applying the measurement requirements of International Accounting Standard 16 (IAS 16) on fixed assets in the Great Man-Made River Project )Mashrue Nahr Alsinaeii( by identifying the measurement requirements introduced by this standard, In addition to identifying the difficulties that limit its application, the study adopted a descriptive-analytical approach in order to achieve its objectives, the researcher designed a questionnaire as a data collection tool, This was done with the help of previous studies related to International Accounting Standard 16 (IAS 16). The questionnaire was distributed to the accounting and auditing departments of the Great Man-Made River Project in a random sample of (26) individuals. The data was analyzed using SPSS software. The study concluded that the measurement requirements of International Accounting Standard 16 (IAS 16) can be applied to the Great Man-Made River Project. The study identified several challenges hindering the implementation of International Accounting Standard 16 (IAS 16). The most important findings include: shortcomings in accounting education programs in introducing the measurement requirements of the standard; as well as the absence of an official body or law obligating the company to apply the measurement rules stipulated in the standard; besides the company's management lacked interest in implementing the measurement requirements of the standard; The study highlighted the difficulty in understanding, interpreting, along with applying the measurement requirements within the standard. The study recommended strengthening the focus on International Accounting Standards (IAS) by conducting training courses for professionals and accountants to familiarize them with the requirements of these standards, particularly IAS 16, Assuming that adherence to these standards fosters trust among investors and thus encourages investment flows, it is essential to learn from the experiences of other countries in implementing these standards and to adapt the Libyan accounting system to comply with their requirements.