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IASCA Conducts Training on International Accounting Standards for Libya's National Oil Corporation
01-Oct-2024
AMMAN – The International Arab Society of Certified Accountants (IASCA) conducted a training program titled ‘International Accounting Standards and their Recent Updates’ for a group of employees from the Libyan National Oil Corporation.
The program aims to familiarize participants with the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), as well as the process of their development. It also addresses the standards' impact on the preparation of financial statements. Additionally, participants were furnished with the necessary skills and methods to apply accounting treatments in accordance with the latest updates to the accounting standards.
About the National Oil Corporation
It is worth mentioning that the National Oil Corporation was founded in Libya under Law No. 24 of 1970 with the goal of advancing the transformation plan in the oil sector. Its mission includes supporting the national economy by developing, enhancing, and optimizing the exploitation of oil reserves, as well as managing and investing in them to achieve the highest returns. The National Oil Corporation conducts exploration and production activities through its own companies or in partnership with others via contracts or various forms of oil wealth investment agreements. Additionally, it manages the marketing of oil and gas both domestically and internationally.